Operations and strategy
In 2021, the Bank of Finland focused on implementing and consolidating the strategy it had updated in 2020.
The Bank of Finland is Finland’s monetary authority and national central bank. It is also a member of the Eurosystem.
The Bank of Finland’s activities are guided by a strategy, and its overriding task is to foster stability and a sustainable economy.
During 2021, the Bank directed particular attention to the assessment of changes in its operating environment, as these present current and future challenges for the Bank’s strategy. Such changes include slower growth in productivity and investment, and the ageing of the population.
Management culture being developed by Bank and FIN-FSA
With the continuation of the COVID-19 pandemic in 2021, the Bank of Finland’s staff again worked primarily from home. During this time, the focus in employee wellbeing was on clear employer communications, interactions with co-workers and ensuring recovery time outside work.
Employee job satisfaction was monitored continuously, and good results were also given recognition.
In a joint project on wellbeing at work, the Bank of Finland and the FIN-FSA revised their practices and prepared for the adoption of hybrid working patterns.
In autumn 2021, they also published a joint management vision. This will help both organisations with their management development and will guide their everyday management work.
Bank of Finland’s future monitoring of its carbon footprint will use more detailed measures
In 2021, the Bank of Finland switched over to using a globally popular calculation method in assessing the carbon footprint of its activities. This brought new emissions sources into the picture that were previously not visible.
As a consequence of using a more detailed calculation method, the Bank of Finland’s carbon footprint grew.
Data Balance Sheet puts spotlight on Bank of Finland’s information management
The Bank of Finland is constantly developing its information management, data and analytics processes. The aim is to ensure these are up to date, appropriate and comprehensive in a changing operating environment.
Following legislative changes regarding information management in the public sector, the Bank of Finland will in future publish a Data Balance Sheet in conjunction with the Annual Report.
The purpose of the Data Balance Sheet is to highlight the significance of data, information and knowledge to the central bank’s work, to present various matters of interest and figures on the central bank’s tasks, and to focus on topical information management issues.
The Data Balance Sheet also presents information on the Bank’s analytical work, data security and data protection.