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