While all efforts have been directed to deal  with the crisis, central banks also have to maintain and in some cases enhance their internal controls and risk governance. Supervising a banking system on the edge of  an accelerated era of transformation is a major  task. As a result, this year has been one of the  busiest and most demanding for central banks  in living memory.

Although some of the second quarter data  indicates that global GDP and countries’ specific  outputs have not been as severely affected as  initially projected, this crisis still seems likely to  generate bigger impacts than even the global  financial crisis (GFC) that began in 2008/09.

The ramifications could last for many years and  central banks will continue to have a pivotal role  to play in enabling the recovery.

In this updated publication of the KPMG  Central Bank network, we share some of  our experiences in engaging with central banks around the world during the crisis — to support their responses and transformation  projects, and help them formulate strategies  that further bolster risk management and  performance in extraordinary times.