Definition: Safeguards assessment

Category: IMF terminology

A two-stage evaluation of a member country central bank's control, accounting, reporting and auditing systems to ensure that resources, including those provided by the International Monetary Fund, are adequately monitored and controlled. The first stage will determine whether there are clear vulnerabilities in these systems, based on information provided by central banks. If weaknesses in internal procedures are suspected, a second stage will comprise on-site evaluations and recommendations for improvements. http://www.imf.org/external/np/exr/glossary/showTerm.asp