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Bank Controlling

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BANK CONTROLLING
BANKARSKI KONTROLING
Miloš Pavlović 451/08 mpavlovic89@gmail.com Apstrakt: U ovom radu objašnjeni su osnovni koncepti kontrolinga u bankama kao procesa koji obuhvata informacioni sistem kojim se visoko rukovodstvo banke izveštava o stanjima, tačnije odstupanjima željenih ciljeva od planiranih i sistem koji služi da se te varijanse procene, ocene, prate i kontrolišu.

U uvodu između ostalog, dat je pregled pojma bankarski kontroling i detaljnije objašnjenje interne kontrole i potreba vezanih za organizacionu strukturu bankarske organizacije. Takođe u ovom poglavlju date su neke informacije koje mogu da posluže u razgraničavanju šta predstavlja zadatak kontrolinga.

U drugom poglavlju prodiskutovana je funkcija bankarskog kontrolinga, tačnije, obaveze i odgovornosti koje imaju pojedini položaji u hijerarhiji banke. Predstavljene su ključne komponente kontrolinga.

Treće poglavlje, definiše principe kontrolinga i daje jednu podelu principa, tj. podelu koja rasčlanjuje trinaest principa određivanja interne kontrole u bankama koji su grupisani kao principi vezani za odgovornost, rizik, aktivnosti i segregaciju obaveza, informisanje i komunikaciju, nadgledanje aktivnosti i korekciju nedostataka i procenu bankarskog kontrolinga.

Četvro poglavlje opisuje generalnu sliku određivanja i uticanja na profit banke, regulisanjem i kontrolom troškova.

U petom poglavlju, dati su rizici sa kojima se susreće banka u trenucima kada pruža bankarske usluge. Takvi rizici podeljeni su na šest opštih tipova: tržišni rizici, kreditni rizici, partnerski rizici, rizici likvidnosti, operativni rizici i legalni rizici. Za svaki od ovih rizika dato je objašnjenje.

U poglavlju šest dat je zaključak celog rada i finalno mišljenje o kontrolingu u banci, objašnjeno je na koji način banka treba da razvija informacioni sistem i opisano je u kom smeru banka treba da razvija svoju organizaciju.

Sedmo poglavlje, korišćena literatura.

Ključne reči: bankarski kontroling, informacioni sistem, interna kontrola

1. UVOD

Banka, kao finansijska institucija osnovana sa namerom da pruža usluge skladištenja depozita i usluge kreditiranja, predstavlja važnu finansijsku ustanovu u društvu danas i kao takva svoju organizaciju mora svesti na najveću moguću formalnost i disciplinu. Organizaciona struktura banke treba da bude savršeno ukomponovana jer je u poslovanju banke reč o velikim sumama novca, stoga i najmanji propust u organizacionoj strukturi može dovesti do gubitaka novčanih sredstava astronomskih cifara. Jaka uprava banke je upravo ono što je neophodno za upravljanje, koordinaciju i kontrolu profitabilsnosti poslovanja, njegovih troškova, rizika.

Ono čime ću se ovde baviti jeste upravo bankarski kontroling kao sistem pomoću kojeg uprava preduzeća dolazi do bitnih informacija, koje nakon tumačenja koristi u definisanju upravljačkih ciljeva sa namerom da razliku između planiranih ciljeva i onih koji se ostvare svede na minimalnu moguću.
Sistem efektivnog bankarskog kontrolinga predstavlja kritičnu komponentu bankarskog menadžmenta i temelj za bezbedan rad bankarskih organizacija. Jak sistem interne kontrole treba da osigura ispunjenje ciljeva bankarske organizacije, ostvarivanje dugoročnih ciljeva profitabilnosti kao i održavanje pouzdanog finansijskog i upravljačkog izveštavanja. Takav sistem treba da pomogne da se osigura poslovanje banke, da bude u skladu sa zakonima i propisima, internim pravilima i procedurama kao i da smanji rizik od neočekivanih gubitaka ili nanošenja štete ugledu banke.

Svaka banka, u svom promenljivom okruženju pokušava da iskoristi svoje resurse na najefikasniji i najefektivniji način. Ovo zahteva pronalaženje novih kocepata, razvijanje novih veština, redefinisanje ciljeva, formulisanje strategija i modifikaciju stavova izvršioca na svim nivoima organizacije. Sve ovo daje novu dimenziju zadacima menadžmenta i organizaciji banaka, stvarajući novi vid mehanizma menadžerskog kontrolinga sa funkcijom sličnom kao što ima nervni sistem čoveka. Mehanizam reaguje sa okolinom zajedno, u istom smeru i međusobno, i vodi organizaciju ka postizanju kompetativne prednosti skenirajući okruženje i analizirajući organizacione snage i slabosti kako bi izmamio i iskoristio nove šanse iz mora mogućih pretnji u okolini organizacije. Bankarski kontroling je glavni instrument za prilagođavanje na promenu uslova i okolnosti. Dobro dizajniran i pravilno implementiran postaje imperativ bankarskim organizacijama zbog toga što omogućava bankama da preduzmu brojne strateške, taktičke i operativne odluke na najbolji mogući način. [2]

2. FUNKCIJA BANKARSKOG KONTROLINGA

3.1. Obaveze i odgovornosti

U bankarskom informacionom sistemu kontroling ima značajno mesto i njegova funkcija jasno je definisana. Istina je da kada se pođe od banke do banke može se naići na mnogo informacionih sistema koji se razlikuju. Međutim, te razlike su rezultat prilagođavanja banke na okruženje i ne mogu bitno uticati na promenu definicije funkcije bankarskog kontrolinga. Stoga ću dati kratak opis ove funkcije i pozicije u sistemu koju ona ima.

Funkcija kontrolinga predstavlja sve kontrolne aktivnosti u skladu sa zakonima i propisima ali i u skladu sa organizacionom strukturom, sprovedene od strane upravnog odbora, top menadžmenta i drugih položaja u kojima svako individualno učestvuje i cilju sigurnog, efikasnog i efektivnog izvođenja bančinih aktivnosti u smeru sačuvanja integriteta i pouzdanosti računskog sistema i povećanja dostupnosti korisnih informacija iz baze podataka. Te operacije, bilo da su one kontrola profitabilnosti, rizika, bilo da su to finansijske ili neke druge operacije kontrolnog sistema, se izvode od strane internih kontrolora koji prate, pregledaju, ocenjuju i vrednuju izveštaje, sistematično izveštavajuću menadžment banke kako bi se sve odvijalo prema gore navedenom procesu.

Sistematičan proces, kao što je bankarski kontroling, sadrži brojne podfunkcije. Jedna od njih jeste, na primer, podfunkcija koja kao integrisani proces služi za kontrolu, inspekciju i nadgledanje rizika koje banka preduzima o kojima će kasnije biti reči.

Spektar operacija koje pripadaju funkciji bankarskog kontrolinga treba da bude izvršen od strane direktora, upravnog odbora, top menadžmenta, kadrova banke na svim nivoima, poreskih inspektora, odeljenja za unutrašnju kontrolu i odeljenja za upravljanje rizikom. Upravni odbor je odgovoran za preuzimanje svih mera koje su potrebne kako bi se zadaci bankarskog kontrolinga odvijali odvojeno i nezavisno od bankarskih primarnih aktivnosti.
Top menadžment ima odgovornosti koje obuhvataju kontroling strategije, politike, ali i slične odgovornosti kao upravni odbor sa razlikom što top menadžmentu je potrebno odobrenje upravnog odbora. Merenje, praćenje i kontrola rizika je takođe pored odeljenja za upravljanje rizikom i oblast kojom mora da se bavi top menadžment. Bilo koja osoba u organizaciji jedne banke koja je postavljena na poziciju senior menadžera ne bi trebalo da bude zaposlena u bilo kom komitetu koje se bavi kontrolom i upravljanjem rizikom, poreskim inspekcijama ili internom kontrolom, osim kao izvršilac (npr. direktor komiteta za rizik).

3.2. Komponente procesa kontrolinga u bankama

Kontroling u bankama bi trebalo da se odvija kao tekući proces na svim nivoima banke, povezujuću upravni odbor, top menadžment i ostale kadrove banke.
Postavljanjem jasno definisanog i kvalitetnog procesa bankarskog kontrolnog sistema sa težnjom ka ostvarenju ciljeva, određuju se sledeće ključne komponente kontrolinga: a) Obaveze i odgovornosti upravnog odbora i top menadžmenta u procesu bankarskog kontrolinga i komponente kontrole okruženja kreirane unutar bankarske organizacije b) Distribucija interne kontrole aktivnosti i funkcionalnih obaveza i odgovornosti unutar bankarske organizacije c) Informacioni sistem i struktura komunikacije u banci d) Aktivnosti nadgledanja procesa kontrole i implementacija procedura koje se tiču korekcija grešaka e) Identifikacija i procena rizika za vreme ovog procesa [5]

3. PRINCIPI BANKARSKOG KONTROLINGA

Kontroling, dakle, predstavlja vrstu informatičkog centra koji sintetizuje i poseduje informacije relevantne za upravljačku funkciju, kako bi se efikasno koordinirala aktivnost organizacionih poslovnih jedinica i njihovi se ciljevi usaglašavali sa opštim ciljevima banke. Drugim rečima, kontroling preko efikasnog informisanja menadžmenta jača svest o znanju profita, likvidnosti i sigurnosti banke kroz integraciju svih upravljačkih komponenti.Taj sistem izveštavanja je jedan od najstarijih zadataka kontrolinga. Njime se omogućava informisanje o celini poslovanja preduzeća. U konkretnoj primeni filozofije kontrolinga polazi se od osnovne strukture seta bankarskog poslovanja: profitabilnost, rast i sigurnost banke.

U tom smislu ističu se tri osnovna principa filozofije bankarskog kontrolinga: 1) profitabilnost treba da bude u fokusu poslovne politike banke; 2) rast treba da bude prioritet samo u onoj meri, koja neće biti ispod minimalnog rentabiliteta neophodnog za obezbeđenje egzistencije banke; 3) rizici treba da budu prihvatljivi isključivo u zavisnosti od mogućnosti ostvarivanja profita, a profit mora da bude ograničen kao relativna stopa dostižnih mogućih rezultata poslovanja.

Osnovni zadatak bankarskog kontrolinga sastoji se u tome da, respektujući specifičnosti konkretne banke, kreira infrastrukturu adekvatnu kontroling mišljenju na svim nivoima upravljanja bankom i da obezbedi njeno sprovođenje. [3]

Principi određivanja interne kontrole banke:

Princip 1:
Uprava preduzeća bi trebalo da: ima odgovornost za odobravanje i periodično pregledanje opšte poslovne strategije i važnih politika banke; ima razumevanje za velike rizike sa kojima se banka susreće, postavljajući nivoe prihvatanja ovih rizika i osiguravajući da vrhovni menadžment preduzme određene korake ka identifikovanju, merenju, praćenju i kontroli ovih rizika; odobrava organizacionu strukturu; i trebalo bi da omogući top menadžmentu da nadgleda efektivnost internog kontrolnog sistema. Upravni odbor preduzeća ja najodgovorniji za omogućavanje adekvatnog i efektivnog bankarskog kontrolinga, tj. za njegovo uspostavljanje i održavanje.

Princip 2:
Top menadžment trebalo bi da: bude odgovoran za implementaciju strategija i politika koje moraju biti odobrene od strane upravnog odbora; razvija procese koji otkrivaju, mere, prate i kontrolišu rizike koje banka ima; održava organizacionu strukturu koja jasno definiše odgovornosti, autoritet i hijerarhiju izveštavanja; osigurava da se delegirane odgovornosti izvršavaju efektivno; postavlja odgovarajući sistem unutrašnje kontrole banke; da prati ceo taj sistem u potpunosti.

Princip 3:
Zajedno, upravni odbor i top menadžment(ili više rukovodstvo) su odgovorni za postavljanje visokih etičkih standarda i postavljanje visokih standarda integriteta. Takođe, njihova odgovornost seže i u postavljanje odgovarajuće kulture unutar organizacije, koja ističe svim nivoima zaposlenih važnost bankarskog kontrolinga. Svi kadrovi banke trebalo bi da razumeju njihovu ulogu u internoj kontroli, u tom procesu, kako bi se angažovali u potpunosti radi efektivnosti kontrolinga.

Rizik
Princip 4:
Efektivni bankarski kontroling zahteva da materijalni rizici koji su mogući ili efektivno pogađaju poslovanje banke i dostizanje ciljeva, budu identifikovani i konstantno procenjivani. Takva procena mora pokriti sve rizike sa kojima se banka suočava (kao na primer: kreditni rizici, transfer rizici, rizici kamatne stope,...). Kontroling mora da bude konstantan i revizija što češća sa ciljem adresiranja novog ili starog ali nekontrolisanog rizika.

Aktivnosti i segregacija obaveza
Princip 5:
Kontrola aktivnosti mora biti integralni deo dnevnih aktivnosti jedne banke. Efektivni sistem kontrole zahteva da bude postavljena odgovarajuća kontrolna struktura sa kontrolom aktivnosti na svakom poslovnom nivou. Ovo treba da obuhvati: preglede na visokom nivou banke; posebnu kontrolu za različita odeljenja ili bankarske divizije; ličnu kontrolu zaposlenih; proveru podudarnosti sa granicama izloženosti zaposlenih određenim rizicima; sistem koji odobrava autoritet i sistem verifikacije.

Princip 6:
Bankarski kontroling traži da odgovarajuća segregacija obaveza postoji, i da kadrovi banke se ne suočavaju sa konfliktnim odgovornostima. Oblasti potencijalnih konflikata moraju na vreme biti identifikovani, minimizirani i nezavisno praćeni.

Informisanje i komunikacija
Princip 7:
Kontrolni sistem jedne banke kako bi se održavao na zadovoljavajući način zahteva adekvatne i sveobuhvatne unutrašnje finansijske, operativne i usklađene podatke, kao i eksterne informacije o tržištu, o njegovim uslovima i događajima koji su relevantni za tržišno odlučivanje banke. Informacije moraju biti pouzdane, pravovremene, dostupne i da budu obezbeđene u konzistentnom formatu.

Princip 8:
Efikasan sistem internih kontrola zahteva da postoji pouzdan informacioni sistem na mestu koje pokriva sve značajne aktivnosti banke. Ovi sistemi, uključujući i one koje čuvaju i koriste podatke u elektronskoj formi, moraju biti sigurni i nezavisno praćeni.

Princip 9:
Bankarski kontroling upravljačke funkcije bi po pravilu trebalo da sadrži kvalitetne komunikacione kanale kako bi se sa sigurnošću moglo tvrditi da svi kadrovi banke u potpunosti razumeju i čvrsto se drže politika i procedura koje obuhvataju njihove obligacije i odgovornosti, i da druge relevantne informacije stižu na pravo mesto, do pravog osoblja, u pravom trenutku.

Nadgledanje aktivnosti i korekcija nedostataka
Princip 10:
Na stalnoj osnovi potrebno je pratiti, nadgledati ukupnu efektivnost jednog bankarskog kontrolinga. Praćenje ključnih rizika trebalo bi da bude deo dnevnih aktivnosti banke, kao i deo periodičnih procenjivanja interne revizije bankarske organizacije.

Princip 11:
Interna revizija mora da postoji u sveobuhvatnom obliku koju sprovode operativno nezavisni, dobro obučeni i kompetentni kadrovi. Takva revizija kao funkcija nadgledanja i praćenja bankarskog kontrolnog sistema, direktno izveštava upravnom odboru ili svom revizorskom komitetu, kao i u nekim banakama, visokom rukovodstvu.

Princip 12:
Nedostaci u bankarskom kontrolingu, bilo da su identifikovani od strane rukovodstva, internih revizora ili drugih kontrolnih kadrova, moraju blagovremeno biti prijavljeni odgovarajućem nivou menadžmenta i tačno obeleženi u bankarskom sistemu. Najčešće je praksa u bankama da se ovi nedostaci dostavljaju uglavnom upravnom odboru ili višem rukovodstvu (top management-u).

Procena bankarskog kontrolinga (supervision)
Princip 13:
Supervizori treba da zahtevaju da sve banke, bez obzira na veličinu, imaju ekikasan sistem interne kontrole koji je u skladu sa prirodom, složenošću i rizikom. U onim slučajevima gde supervizori odluče da bankarski kontroling nije adekvatan ili efektivan za određene specifične rizike (na primer, ne pokriva sve principe koje sam gore navodio), tu je potrebno reagovati primenom odgovarajućih mera. [1] 4. KONTROLING TROŠKOVA

U prethodnim poglavljima obrađen je opšti koncept bankarskog kontrolinga. Ono što se može zaključiti jeste da jedan kvalitetan kontroling najviše pažnje obraća na rizike banke i profitabilnost, i to na profitabilnost u pravom smislu a to je da, kako je u brojnim literaturama naznačeno, profit predstavlja prihod koji je umanjen za troškove. Ovakva gruba definicija je formula koja stoji u pozadini svake aktivnosti merenja profita i stoga kao značajan deo kontrolinga jeste upravo onaj deo koji se bavi kontrolom troškova jedne banke.

Da bi se ostvario profit, moraju se kontrolisati troškovi. Za kontrolu troškova banka mora da poseduje prave osobe za to, ispravno ovlašćene, i njima mora biti posvećeno određeno vreme da koriguju troškove pre nego što bude kasno za zaustavljanje gubitka. Računovodstvo i revizija su po prirodi osnove za kontrolu. Svaka banka mora da ima neki centralni kontrolni sistem vrednosti i transakcija. [6]

Ovo se uspostavlja putem kontrole računa koji se vode u glavnim knjigama bankarskog računovodstva. Pored ovih kontrola koje vrši banka, tu su i brojne druge. Dnevna kontrola kredita i dugova, kontrolisana od strane odeljenja za troškove koja se time bave, permanentna kontrola resursa u knjigama banke, kao i revizija tih resursa samo su neke od aktivnosti kojima se bavi odeljenje za kontrolu troškova u bankarskoj organizaciji.

5. BANKARSKI RIZICI

Kontroling predstavlja proces u kojem je jedna od najbitnijih stavki upravo ona koja se tiče prepoznavanja i kontrole rizika, jer banka je institucija koja podleže brojnim rizicima stoga ću u daljem tekstu naglasiti one rizike koji se nalaze u pružanju bankarskih usluga. Informacioni sistem jedne banke upravo zbog toga mora da bude tačan i pravovremen kako bi se ovakvi rizici što ranije otkrili i uklonili ili sveli na minimum.
Sektor u banci koji se bavi upravljanjem i kontrolom rizika mora znati da rizici povezani sa pružanjem bankarskih usluga se razlikuju zavisno od tipa usluge o kojoj je reč.
Za takav sektor kao celinu, rizici mogu biti podeljeni na šest opštih tipova: 1. Tržišni rizici 2. Kreditni rizici 3. Partnerski rizici 4. Rizici likvidnosti 5. Operativni rizici 6. Legalni rizici

Slika 1. Rizici prisutni kod bankarskih usluga

Tržišni rizik jeste rizik promene vrednosti imovine banke tržišnim faktorima. Po svojoj prirodi ovakvi rizici mogu biti ograđeni ali nikada divrezifikovani u potpunosti. Kao takvi, tržišni rizici se pojavljuju u mnogim formama, a za banku dva su oblika koja su najzastupljenija: varijacije kamatne stope koju određuje Narodna banka i relativna vrednost valuta.
Obzirom na to da, banka kao institucija zavisi od ovih tržišnih faktora, mnoge banke pokušavaju da izračunaju udar ovih tržišnih rizika na njihove performanse i pokušavaju da se ograde od takvih rizika, i zato takve rizike stalno kontrolišu, proračunavaju, ocenjuju i prate, mere ranjivost banke na varijacije generalne kamatne stope, a u isto vreme internacionalne banke sa velikom količinom valuta, sa velikom pažnjom prate rizike vezane za devizno tržište i ulažu napore u upravljanje takvim rizicima i limitiranje izloženosti istim.

Kreditni rizik pojavljuje se u situaciji u kojoj zajmoprimac ne izvšrava svoje obaveze prema datom kreditu. Veoma čest rizik sa kojim se bankarska organizacija danas susreće, veoma opasan rizik koji može dovesti do velikih problema kako u nacionalnoj tako i u svetskoj ekonomiji (kriza). Takav rizik moguć je kada se zajmoprimac nađe u situaciji u kojoj nije u mogućnosti ili ne želi da izvršava obaveze koje su strogo specifirane ugovorom između njega i banke. To direktno pogađa banku. Zbog takvih slučajeva finansijsko stanje onog koji uzima zajam kao i drugi pokazatelji mogućnosti vraćanja kredita jesu stavke koje su u najvećem interesu banke.

Realna opasnost od kredita jeste odstupanje portfolio performansi od svojih očekivanih vrednosti. Shodno tome, kreditni rizik može se diversifikovati ali se teško može u potpunosti eliminisati. Ovo se dešava zbog toga što ovaj rizik takođe može da podleže riziku koji zavisi od tržišnih faktora (tržišnom ili sistematičnom riziku).

Partnerski rizik se javlja ne izvršenjem obaveza od strane partnera banke koji odbija da izvrši svoje dužnosti zbog promene cena na tržištu ili zbog nekih drugih razloga, kao na primer političkih ili pravnih ograničenja. Kontroling banke ovde pristupa alatu diverzifikacije. Ovaj rizik u nekom pogledu sličan je sa kreditnim, ali ovaj rizik više je usmeren na finansijski deo povezan sa trgovinom između partnera.

Rizik likvidnosti najbolje može biti opisan kao rizik od finansijskih kriza. Ustvari, ovde je rizik potencijal za finansijsku krizu. Ovaj rizik može se predstaviti kao rizik likvidnosti ili kao rizik od nelikvidnosti. Takva situacija neminovno je u vezi sa neočekivanim događajem, kao što je gubitak samopouzdanja ili kriza nacionalnih proporcija (valutna kriza). U svakom slučaju, menadžment rizika u bankama ovde se fokusira na likvidne objekte i portfolio strukturu. Prepoznavanje rizika likvidnosti vodi do toga da banka prepozna likvidnost kao imovinu tačnije da pokuša da spreči neusklađenost između aktive i pasive i omogući izmirenje obaveza.

Operativni rizik povezan je sa problemima trgovine u zamenu za gotovinu. Pojavljuje se u knjigovodstvu. Kao takav rizik, individualni operativni problemi su za bankarski kontroling događaji koji u dobro organizovanoj banci ne bi trebalo da se dešavaju ali opet, sa druge strane, mogu da izazovu velike troškove ako je banka izložena njima.

Legalni rizici za razliku od kreditnih, partnerskih i operativnih rizika, jesu rizici koji se javljaju u finansijskom ugovaranju. Novi statuti, novi poreski propisi, mišljenja suda i druge regulacije mogu napraviti problem čak i kada su sve stranke prethodno izvršile svoje obaveze a i u budućnosti su u mogućnosi da ih izmire. Na primer, ekološki propisi radikalno su pogodili vrednosti nepokretnosti za starija imanja i nameću ozbiljne rizike kada je reč o pozajmljivanju kredita institucijama u tim oblastima. [4]

Sve finansijske institucije pa i banka, podležu svim ovim rizicima u manjoj ili većoj meri, i zbog toga bankarska industrija dugo je pratila ove probleme kontrole rizika i donela mnoge modifikacije informacionog sistema koji, iako i dalje ima brojne nedostatke, predstavlja zadovoljavajući kontrolni sistem jedne bankarske organizacije i pozadinu svakog bankarskog kontrolinga.

6. ZAKLJUČAK

Iz prethodnih poglavlja jasno se uočava da bankarski kontroling predstavlja veoma važan proces kada je u pitanju poslovanje neke bankarske organizacije. Precizno uspostavljen informacioni sistem sa svojim kanalima komunikacije i prenosom informacija po hijerarhiji banke jeste sistem unutrašnje kontrole koji nadgleda rizike, profitabilnost i rast bankarske organizacije. Zato se zaključuje da je banka u obavezi da usmerava svoju strukturu poslovanja, u skladu sa rizicima i šansama ka sopstvenom razvoju koristeći dugoročne i kratkoročne strategije kako bi ostvarila najveći mogući profit.
Ostvariti misije i ciljeve banke uz konstantan razvoj informacionog sistema radi kontrolinga, sagledavajući sve probleme sa kojima može banka da se susretne predstavlja bitne zadatke upravljačke funkcije jedne bankarske organizacije.

7. LITERATURA

[1] Cole, R., and Cumming C., ‘’Framework for internal control systems in banking organizations’’, Basle comitee on banking supervision, Basel, 1998.
[2] Dar, G.M., ’’Management Control Systems in Banks’’, Anmol Publications Pvt. Ltd., New Delhi, First Edition, 2000.
[3] Knežević, S., ‘’Strategijsko Odlučivanje u Bankama na osnovu informacija upravljačkog računovodstva’’, autorsko izdanje, Beograd, Beogradska poslovna škola 2006.
[4] Santomero, A.M., ‘’ Commercial Bank Risk Management: an Analysis of the Process’’, The Warton School,University of Pennsylvania, 1997.
[5] Supervision Board, ‘’Regulation on Banks’ Internal Control and Risk Management Systems’’, Published in the Official Gazette, issue no. 24312, on 8 February 2001.
[6] Young, B., ‘’Bank Cost Control’’, Young Press, Chicago, 2007

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