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RAPMAN-PRIMA: The New Frontiers

RAPMAN-PRIMA: The New Frontiers. Fiduciary Forum March 2008. Overview. Prima: Development Status Prima: What is it? Prima: Statistics & Usage Prima: Changes Prima: Remaining Challenges Prima: The New Frontiers. Development Status.

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RAPMAN-PRIMA: The New Frontiers

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  1. RAPMAN-PRIMA: The New Frontiers Fiduciary Forum March 2008

  2. Overview • Prima: Development Status • Prima: What is it? • Prima: Statistics & Usage • Prima: Changes • Prima: Remaining Challenges • Prima: The New Frontiers

  3. Development Status • Risk And Portfolio Management System (RAPMAN] went live in ECA & MNA in April 2004 • Portfolio and Risk Management System [PRIMA] developed for AFR, EAP, LCR & SAR in March 2007` • Corruption Risk Module (ECA) in January 2007 • Implementation of PRIMA since July 2007 • FM Notes on ‘PRIMA: Systematic Tracking Highlights Risks and Aligns Resources’ published July 2007 • Ongoing enhancements

  4. Risk Management is a balancing act

  5. Why Risk Management in FM?

  6. What is Rapman-Prima? • An integrated Intranet-based web application consisting of 2 modules • FM risk database for all investment operations • Portfolio management • Interfaces with other operational systems (e.g. SAP, ISR, ARCS)

  7. FM Risk Management - Overview • Using qualitative/quantitative approach • Risk based approach, managing risks throughout project • Systematic workflows on fiduciary controls in response to IDA 14 Control Review • Supports risk-based approach to the allocation of FM resources • Clearly defined roles • Country FMS to identify risk and recommend mitigation measures • QA FMS assists country FMS on risk management • Peer review on complex or specialized projects • High risk projects – require ‘review’ by FM Manager • Offers a rich data source for useful data-mining

  8. The Risk Model • International Best Practices – COSO Framework PCN Appraisal/Supervision Supervision Inherent Risk Control Risk Detection Risk • Inherent Risk: Risks associated with the country, sector, entity, and project – inherent to a project • Control Risk: Risks controlled and managed by the Borrower • Detection (Supervision) Risk: Risks which can be managed through the Bank’s supervision efforts

  9. Portfolio Management Module • Monitoring of ISR FM and FP ratings, and comparison with FMS proposals • Tracking of FMRs/IFRs • Tracking of use of country system • Tracking of FM requirements – confirmation of DPL tranche releases, FM supervision issues, and operational reviews • Monitoring of supervision effort (frequency, resources, scope) • Links to ARCS information • Facilitating “data mining” of portfolio FM performance

  10. Workflow • All investment operations flow from SAP – daily update • Risk ratings updated at each of the following stages – PCN, Negotiations, Board, on-site supervision, ad hoc events • Risk-based clearance required pre-Negotiations, pre-Board, and for each supervision (FMS, QA FMS, FM Manager) • E-mail reminders prior to Negotiations, Board, planned supervision dates • System records history of risk ratings and clearances throughout the project cycle • Exception/management reports generated and reviewed on a regular basis

  11. Risk Information Updated

  12. Statistics of Usage (3 weeks)

  13. Major Recent Changes • Performance Improvement • Customized welcome page • Flexible workflow arrangements • Minimum controls on risk rating in Prima • IDF projects in risk and portfolio module • Enhanced and customized reports

  14. Coming Changes • Inclusion of PCN stage in risk assessment • Supplemental projects linkage • Flexible FMR start date • Clearance history for project • Region specific reports • On going performance improvement

  15. Remaining Challenges • Continuous Performance Improvement • Migration to OPCFM – an institutional system • Trust Fund • Institutional and dashboard reports • Loading and verifying risk and portfolio data • Monitoring risk and portfolio performance • Integrated fiduciary project reports ? • Integration with Bank’s systems – procurement, disbursement, project portal, ISR, ARCS

  16. The New Frontiers • 1st risk based operational system • Pioneering systematic fiduciary risk and portfolio management • From regional developed system to an institutional system (October 2008) • Managing corruption risk? • Integrated fiduciary system? • Other opportunities …..

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