HONG KONG MONETARY AUTHORITY Annual Report 1996
HONG KONG MONETARY AUTHORITY
INFORMATION TECHNOLOGY APPLICATION IN RESERVES MANAGEMENT
In 1996, an Information Technology Development Programme was implemented to support the HKMA's business processes and to achieve increased efficiency and effectiveness. The programme included the development of a Reserves and Monetary Management System which, when fully implemented in 1997 will considerably enhance processing efficiency and control for the management of the Exchange Fund. The system comprises the installation of front office dealing and risk management modules which aim to reduce paper transactions and smoothen the processing and reporting of financial transactions.
ENHANCEMENT OF BANKING SUPERVISION
To enhance the productivity of bank examiners, a data retrieval and analysis system was implemented in 1996. This has improved the retrieval of data on Authorised Institutions and assisted in the analysis of statistical data.
ENHANCE IN-HOUSE EFFICIENCY
For back office automation, an accounting and financial management system was implemented to integrate the budget and financial management functions. With an aim to improve internal communication and to encourage a paperless office, an HKMA-wide network was installed to provide internal electronic communication and for link-up with the Government.
PROVIDE CONTINGENCY SUPPORT
In 1996, a disaster recovery plan was formulated to secure the recovery capabilities for various critical IT systems in case of disasters.
CHALLENGES
With state-of-the-art technology infrastructure being progressively put in place in the HKMA, communications between internal and external parties will be continuously improved with high efficiency and effectiveness. The major challenge ahead is the adoption of straight-through-processing (STP) which will eliminate expensive and slow paper processing of various financial transactions and regulatory reporting. Ultimately, the role of IT is to provide a high-tech environment to upgrade the quality of work while reducing costs for the entire organisation.