Bank of Canada

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Departments at the Bank

Financial Services

Role

The Financial Services Department provides a sound financial framework for effective decision-making and accountability across the Bank. The department is responsible for the accounting and financial reporting of the Bank as a corporate entity. It provides financial management and reporting services, contract management, procurement, and payment services.

Organization

There are three teams within the department: Accounting and Internal Control, Contracts Management and Procurement, and Financial Management Reporting.

Accounting and Internal Control
  • provides accounting & payment services to the Bank, the Bank of Canada Pension Trust Fund, the Supplementary Trust Fund, and the Exchange Fund Account of Canada. It also provides corporate record-keeping services related to the safekeeping of bonds and other items, such as gold;
  • supports the framework for managing the issuance of the Bank's Financial Statements;
  • enhances the framework for the management and governance of the Bank's Pension Plan liabilities and benefits.
Contracts Management and Procurement
  • manages the procurement process for goods and services for the Bank within the appropriate policies and guidelines;
  • ensures that the procurement of goods and services is fair, open, and is implemented in an efficient and effective manner;
  • develops and implements sound procurement policies.
Financial Management Reporting
  • develops and manages effective and timely financial planning, budgeting, and reporting;
  • establishes a continuous improvement process to ensure that financial reporting responds to clients' needs.