The Governor’s office oversees all activities of the bank. The head of the office is the Governor. Second to the Governor is the Deputy Governor and the Governors Advisor.
The Governor is Chief Executive of the Bank, responsible for day-to-day management and bank operations. The Deputy Governor carries out duties assigned to him by the Governor and may perform the Governor’s functions in his absence. The Governor maintains close contact with the Minister of Finance, commercial banks, other financial institutions and the private sector generally. This helps the Bank undertake its monetary and regulatory functions, enabling it to assess the economic and financial impact of government policies and related decisions on the private sector. Within the Governor’s office, there are smaller units that operates to assist in fulfilling the role of the Bank, they are as follows:
1. Internal Audit (IA)
Internal Audit is responsible for conducting independent reviews of various departmental procedures in the Bank to ensure that policies and procedures approved by management and the Board are always adhered to, at all levels. This involves review of policy, administrative and accounting issues; and of personnel, finance and security within the Bank’s operation.
IA also liaises with external auditors to carry out annual audits of the Bank’s financial statements, as well as providing audit confirmations on accounts of other organizations held by the Bank. Since mid-1999, following a Board decision, the Bank’s internal audit functions have been outsourced to a private auditing firm.
2. National Financial Inclusion Unit (NFIU)
The NFIU’s primary role as mandated under CBSI Act 2012 is to promote financial inclusion in Solomon Islands. Its secondary role is to act as a secretariat office for the National Financial Inclusion Taskforce (NFIT), a body approved under Cabinet to act as an oversight agent in the implementation of the financial inclusion medium term national action plan (2011 -2015). Currently NFIU is on phase II of the National Financial Inclusion Strategy for (2016-2020).
3. Communications Unit (CU)
The Communications Unit informs the public on the policies, decisions and activities of Central Bank using all available communications channels. Media channels utilized include the weekly radio program aired over the national broadcaster, Solomon Islands Broadcasting Corporation (SIBC), CBSI on-line website and social-media sites, as well as annual public events such as the Money Smart Day.
4. Solomon Islands Financial Intelligence Unit (SIFIU)
The Solomon Islands Financial Intelligence Unit is a specialized agency with regulatory responsibility to combat money laundering and terrorism financing activities. The SIFIU was established by the Money Laundering and Proceeds of Crime Act 2002. It is an integral part of Solomon Island’s fight against Money Laundering, Terrorist Financing and other Financial Crimes. SIFIU ensures, financial institutions, cash dealers and non-financial businesses and professions comply with the Money Laundering and Proceeds of Crime Act and the international standards on money laundering, terrorism financing and proliferations.