The board of the National Bank of the Ukraine has approved a new structure for its banking inspections department, according to the inspector-in-chief, Tetiana Lebedynets (pictured).

Ms Lebedynets said: “Even the name of the department has been changed – now it is called the Bank Inspections Department. Banking inspection sees a breakthrough shift in the approach, a transition to a risk-based approach (RBA). Instead of the divisions performing similar functions, i.e. divisions no 1, 2 and 3, we now have three offices respnsible for operational, financial and information risk management. This segregation of duties will enable the experts working in this department to have a better understanding of things in a particular area, thus contributing to the quality and depth of bank inspections."

The department also plans to re-certify its employees to see whether they are fit to do their jobs. Ms Lebedynets continued: "Our goal is not limited to just laying off staff. Accomplished professionals with zero tolerance to corruption should work inthe department. Both new and old employees will have to meet these eligibility requirements.”