Reserve Bank of New Zealand: Journey Toward Knowledge Management

Abstract

This chapter outlines the adoption and implementation of knowledge management within the New Zealand Reserve Bank. In 1999, the Bank recognised that it had a very high exposure to loss of knowledge on departure of key staff. This was mainly due to two factors: recruitment of staff from a limited global pool of specifically skilled labour, and an average length of service of more than nine years during which time staff members accumulated an extensive knowledge of the Bank and its operations. In response to this and other challenges, the Bank embarked on an ongoing knowledge management program. The Bank invested significant resources into the program and from an initial corporate vision developed a knowledge management framework that led to the identification of potential areas of improvement within the organisation. The resulting knowledge strategy encompassed several key initiatives, the most significant of which was the goal of changing the organisational culture. Other initiatives included the consolidation of the Bank’s contact management into a single system, a review of the existing document management system, and information mapping. To date, while some initiatives have been achieved, others remain to be done. The challenge for the Bank now is to move from structured to unstructured processes for knowledge management and maintain the knowledge management focus while balancing available resources. The Bank must also consider how best to progress initiatives without necessarily attaching a specific knowledge management label, and identify ways to move ongoing development of knowledge management strategies to the next level.