Internal workshops were held where our staff participated, as well as planning workshops with the active involvement of the Bank's board members and chief officers, all with continuous communication of the progress and results of the process. 10  This process was concluded a few days ago with the approval of the Strategic Plan 20182022 by the Board. This plan, which is based on the Institution's strengths, recognizes future opportunities and risks and identifies a number of strategic initiatives to realize the Bank's vision as a reliable institution due to its technical nature and excellence in achieving the objectives that have been entrusted to it by law. In particular, our 2018-2022 Strategic Plan identifies five focal points: 1) to strengthen the response capacity and the intellectual leadership of the Bank to comply with the institution’s objectives defined in its Constitutional Organic Law, incorporating the reality of an increasingly complex environment. 2) to enhance understanding and dialogue of the Bank with its environment through strategic management of communications. 3) to strengthen the Bank's corporate governance in order to balance out risk tolerance and business process efficiency, thereby speeding up decision-making and encouraging innovation. 4) to improve the ability to understand, manage and incorporate technological changes to the Bank's integral work, both in the area of its own management and in the dimensions relating to its institutional objectives.
However, these efforts depend on the approval of the bill. Institutional advances A year ago, when I presented these same reports before this Committee, I emphasized how important it is for a central bank to have the capacity to face new challenges. On that occasion, I stressed that the accumulated achievements of the Central Bank of Chile over the years did not suffice to take charge of the transformations that occur in the economy, markets, technology and society. Every central bank has the obligation and responsibility to anticipate these changes and respond to them in an organized, efficient and timely manner. Accordingly, since 2004, and every time a new Governor assumes, the Bank prepares a strategic plan that accompanies it throughout his term and culminates in the first year in office of his successor. Early this year we began preparing the strategic plan for the next five years. This time, we have sought to give our strategic plan a consultative, participatory and inclusive character. The aim is to reflect that the Bank is not an isolated entity, but works for the entire country and depends on the cohesive team of people that make it up. All this has translated into this new Strategic Plan being devised after completing more than 100 interviews with people from different areas that are external references for the Bank. Surveys were applied to regional and international reference groups and other central banks.