This is well reflected in the 2018-2022 corporate strategy under course. This was based on an unprecedented consultation of stakeholders and participatory internal process. It defined as a vision for the Bank to be a trustworthy technical institution, known for its high standards in achieving its institutional objectives. On this basis, we have launched a number of initiatives aimed at fostering public trust in terms by improving its reliability, adaptability, integrity, accessibility and fairness. To improve its reliability, the Central Bank of Chile has taken a thoughtful process of revision of its framework of monetary policy and forward guidance. Great emphasis has also been given to strengthening the technical toolkit to identify and communicate sources of financial risk. With a focus on adaptability, we have introduced special chapters, analytical boxes and companion studies to our flagship reports. We have also launched a technological observatory with the goal of identifying new sources of risk, and the creation of the Corporate Risk Area within the Bank. For integrity, we have broadened the framework and coverage of declaration of interests among executives and staff in sensitive functions, and have strengthened our external auditing committee. Some initiatives to improve the Bank’s accessibility include regular presentations of Bank reports throughout the country, the development of market intelligence mechanisms and the upgrading of communications by creating an Institutional Affairs Division. To foster fairness we are also deepening our analysis of the economic and financial behavior of households and raising our contribution to financial literacy and education to the highest world standards.
Reliability of an institution depends and can be assessed on the basis of the clarity of its mandates and specific goals; the quality of its organization, planning and decision-making process, and its operational efficiency, including its capacity to command the appropriate financial, technical and professional resources. Adaptability refers to the capacity to recognize changes in the environment, either economic, social, technological or institutional, and to adapt to them without compromising its commitments to the public. Long-term planning, research, market intelligence and risk management are important mechanisms in this regard. To be adaptable while remaining reliable, an institution should be able not only to identify changes, new trends and risks, but also to explain them to the public, including the adjustments that may be required from them. Integrity means putting the general interest entrusted to the institution above the particular interests of its authorities, employees or other narrow groups. This means far more than strict regulations and effective control; it may require benchmarks, ethics, checks and balances and openness to scrutiny that can respond to changes in social standards of accepted behavior, which may move faster than legislation. The latter entails with accessibility, which refers to the ability of an institution to understand people’s needs, leverage a wide pool of information and achieve higher levels of compliance. To be accessible, an institution should develop active and passive transparency mechanisms, seek feedback from the public and to foster dialogue and consultation with stakeholders. Lastly, fairness acknowledges differences across society and that institutional actions may be far from neutral.