Risk Management Central banks face many challenges in applying risk management techniques to their public policy duties: How can risk management solutions best be adapted to the particular challenges which central banks face? How have the leading central banks and international financial institutions developed and integrated risk management into their operational processes? How can central banks benchmark their work with best practice in risk management? How should the risk management department be organised so that its objectives complement those of the internal audit and financial control departments? Defining risk for a central bank: This new study addresses these subjects head on. Central banks need to interpret the concept of risk in a very broad sense, to embrace not only the identification and control of financial market risks and payment systems risks, but also reputational risks, political risks, regulatory risks and technological risks. Issues such as moral hazard in central banking are also of prime importance with respect to central bank risk management and the central bank's role as lender of last resort. Risk Management for Central Bankers brings together in one volume articles and research from some of the world's leading risk management practitioners and analysts.