Function And Organizational Structure of DMO

General Perspective
  1. The strategic thrust behind the reorganization efforts at the DMO is to redistribute the operational responsibility for debt management into separate front, middle, and back offices, each with its distinctive functions, accountabilities, and separate reporting lines. Such a transformation is in line with international guidelines. The new structure is designed to impose controls and to reduce exposure to risk, specifically in order to:
    • Get a separation between those executing transactions and those settling and recording transactions (front-back);
    • Get a separation between those managing a portfolio and those monitoring the performance of the of the portfolio managers (front-middle);
    • Get a separation between those checking compliance with policies and procedures and those undertaking the activities of the business (middle – front and back).
  2. The functions of each element of the new structure should be clearly specified with effective coordination and information sharing within the DMO. This requirement will be embodied in an Internal Communications Strategy to be developed by DMO alongside its management system. The mandates of the respective staff should also be set out in clear and unambiguous terms – encapsulated within job descriptions and operationalised through performance plans.
  3. The new structure of the DMO makes a distinction between those individuals executing market transactions (front office), those setting and ensuring compliance with established rules of engagement, such as formulating operational strategy, undertaking risk assessment, and setting international benchmarks (middle office), and those responsible for recording the transaction into the accounting system and databases (back office). Accordingly, the roles and responsibilities of the different operational offices of the DMO under the new structure are as described in the different sections below.
  4. In designing the structure, the organizational hierarchy in the DMO is limited to
    three steps below the DG. There are departments headed by Departmental Heads (Directors), Units headed by Group Leaders, and Sections headed by Team Leaders. In arriving at this structure, the terms ‘Group Leader’ and ‘Team Leader’ are used as generic descriptions of intended administrative functions and may not necessarily correlate with the official designation of the officers occupying them. The status of the Leader shall be determined by the duties and responsibilities of the office and the availability and competence of the staff needed to fill them. The authority of the officers in these positions therefore, ensues from the office they occupy rather than their official designation. This fact is duly recognized by the management of the DMO and should be respected by all staff. To view a diagram of the organizational structure click here
  5. This hierarchy has been used to determine the job description and schedule of duties of the staff of the DMO and form the basis for the determination of the number and competence of its staff in the new structure.