Maturity Growing: Brazil Central Bank Case


By Bruno Peres Aguiar, Darci Prado and Manuel Carvalho Da Silva Neto

With the collaboration of
Marcelo Cota, Sérgio Caracas and Russell Archibald



The objective of this paper is to present how the Banco Central do Brasil (BCB), the Brazilian Central Bank, reached a PM maturity level of 4.2 in 2014, according to the PRADO-PM Maturity Model, starting in 2007 from a maturity of 2.1. So BCB doubled its maturity in seven years and reached a level of excellence. This paper presents the general PM situation within BCB at the time of the first measurement, describes the improvement projects that were conducted for the advancement of the Bank’s PM maturity, and summarizes the achievements and benefits that were derived from the current PM maturity.


The BCB is a federal agency whose mission is “to ensure the stability of the purchasing power of the Brazilian currency and a sound and efficient financial system within the nation of Brazil.” This mission is accomplished through the actions of its 4,000 employees, distributed in more than 40 organizational units. Its operation spans nationwide, with offices in nine state capitals and headquarters in Brasilia, the nation’s capital city. To frame this mission within its global context we note that Brasil ranks number 7 in the world in the value of its Gross Domestic Product (GDP), as shown in Figure 1, just after the United Kingdom and ahead of Russia and Italy.

Rank Country/Region GDP (Millions of US$)
 World 74,699,258
 European Union 17,512,109
1  United States 16,768,050
2  China 9,469,124
3  Japan 4,898,530
4  Germany 3,635,959
5  France 2,807,306
6  United Kingdom 2,523,216
7  Brazil 2,246,037
8  Russia 2,096,774
9  Italy 2,071,955

Figure 1. First 9 Countries Ranked by GDP
Source: International Monetary Fund, 2013.

Since the BCB is an institution whose actions reverberate in both national and international financial markets, its work processes are well defined, and supported by stable and lawful standards. All projects that introduce change within the national financial system are obviously extremely important to a nation’s economy and political stability.

BCB realized in 1998, due to a crisis in the Brazilian banking system, how projects were important to position the organization to face the challenges of the market. During that year, with supporting resources from the World Bank, projects were implemented with the objective to modernize some of its working processes. The first core of project management comes from this moment.

Today, the organization has four project offices (three departmental and one corporate). Departmental offices are located in departments that plan and conduct their work in a projectized manner. These are the:

  • Department of Planning, Budget and Management (Corporate PMO-Espro),
  • Integration and Surveillance Support for the Supervision Area (Degef),
  • The Corporate University of BCB (Unibacen), and the
  • Department of Information Technology (Deinf).


The Corporate Project Office (Espro) is a division of the Department of Planning, Budget and Management (Depog), under the jurisdiction of the BCB Deputy Governor for Administration.

The annual portfolio of corporate projects has around 80 projects in 2014, distributed in the various stages of their life cycles – initiation, execution and controlling, and closing. It’s a portfolio that has resources of R$ 115 M (approximately USD 40M) per year, as well as sufficient human resources for its execution.

These projects are conducted through established practices and project methodology which is in its 4rd edition (MGPro 4.0). There are several levels of authority and several committees that enable governance and management of the project management model, and a team that is well prepared with the theme


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Editor’s note: Second Editions are previously published papers that have continued relevance in today’s project management world, or which were originally published in conference proceedings or in a language other than English. Original publication acknowledged; authors retain copyright. This paper was originally presented at the 9th annual University of Texas at Dallas Project Management Symposium in Richardson, Texas, USA in August 2015. It is republished here with the permission of the authors and conference organizers.



About the Authors


pmwj38-Sep2015-Aguiar-PHOTO1Bruno Peres de Aguiar

Central Bank of Brazil
Brasilia, Brazil

Brazil flag


Bruno Peres de Aguiar
is the Head of the Corporate PMO at Central Bank of Brazil. He holds a bachelor’s degree in Business, MBA in Finance, PMP and MSP Practitioner. Working with projects, programs and portfolio at Central Bank since 1998, focused on new methodologies, PM training, PM process and relationship with stakeholders at the top management level.


pmwj38-Sep2015-Aguiar-PHOTO2 PRADODarci Prado, PhD

Belo Horizonte, Brazil

Brazil flag


Darci Prado,
PhD, is a Partner-Consultant at FALCONI Consultores de Resultado. Darci holds a bachelor degree in Chemical Engineering from UFMG, postgraduate degree in Economic Engineering from FDC and PhD from UNICAMP. He participated in the establishment of the PMI chapter in Minas Gerais and Paraná, and was a Board member of PMI-MG between 1998-2002. He was the president of IPMA-BH Club between 2006 and 2008. He has the IPMA-Level B certificate and is author of 10 project management books. Darci can be contacted at [email protected]


pmwj33-Apr2015-Neto-PHOTOManuel Carvalho da Silva Neto

Minas Gerais, Brazil



Manuel Carvalho da Silva Neto
is a Guest Professor at Fundação Dom Cabral and consultant in the areas of Project Management, Process Management and Strategy Deployment. MSc in Management at CEPEAD-UFMG, and he also has PMP Certification. He has the titles of specialist in Economics Engineering (INEA / EEUFMG) and Financial Management (FJP) and holds a degree in Mechanical Engineering from UFMG. Manuel has 45 years’ experience in the market, of which 39 are in Projects. Participated or directed over 300 projects in medium and large private or state companies and public organizations. He was Undersecretary of Planning and Budget of the State of Minas Gerais from 2007 to 2008. Manuel can be contacted at [email protected].