Annual Report 2012 - National Savings Bank

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148BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWby high level operational committeessuch as the ALCO, InvestmentCommittee, Marketing Committee, ITSteering Committee and ManagementCommittee. The outcomes of thesereviews are reported to the Board. TheStrategic Business Plan, Annual ActionPlan and Annual Budget set out anumber of performance indicators andthese are periodically reviewed.Precautionary ApproachInternal audits are conducted to apre determined plan, after assessingassociated operational risks by theInternal Audit Division, which is headedby a DGM. A separate Risk ManagementDivision has also been established withinthe Bank. The methods of mitigatingrisk are explained in detail in the RiskManagement Report in page 104.The Compliance Division monitorsthe regulatory compliance of the Bankand corrective measurements are takenas a precautionary approach. TheBusiness Continuity Plan and DisasterRecovery Plan have been developed asa precautionary approach.External Initiatives Applicableto NSBNSB adheres to a number of externalrules and codes set by regulatory andstandard setting institutions. Theleading of these are the guidelines anddirections issued by the Central Bankof Sri Lanka, which is the nancialsector regulator of Sri Lanka. NSBis also subject to directions of theMinistry of Finance and Planning asthe sole shareholder of the Bank andthe government representative. TheBank adheres to LKAS & SLFRSguidelines and standards in preparationof Financial Statements. Our internalaudits are conducted according to thestandards set by the Internal AuditorsAssociation and in conducting systemaudits, we adhere to the requirementsof the Institute of System Audit Controland Assurance standards. In the area ofrisk management, we comply with Basel11 guidelines and generally acceptedrisk management principles. In additionour Credit Division has obtained ISO9001:2008 certication and adheres tothe ISO standards.Bribery & CorruptionNSB has always maintained a zerotolerance on bribery and corruption.We will not condone or knowinglyparticipate in any such acts that construebribery and corruption in any way.Corruption Risk AnalysisThe associated risk of branchesare evaluated according to the preestablished parameters and previousexperiences. Accordingly, branchesare assigned a high, moderate or lowrisk rating. The Annual Audit Planis developed accordingly, to mitigateassigned risks. Every branch is auditedonce in two years. The audit reportsare forwarded to the BAC. Follow upactions are being taken by the InternalAudit Division.Responses to CorruptionIn instances of fraud or corruptionan investigation is conducted and thendings are handed over to the HumanResources Division for disciplinaryaction.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
149BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWPublic Policy ParticipationThe Bank submits its proposalson the preparation of the nationalbudget. The Bank also contributedtowards the development of the IFRSimplementation road map of the CBSL.Political ContributionsThe Bank made no politicalcontributions during the year underreviewAnti-Competitive BehaviourThere were no cases of legal actions foranticompetitive behaviourComplianceThere were no nes or non-monetarysanctions imposed on the Bankfor noncompliance with laws andregulations apart from the restrictionsimposed as a result of TFC transaction.Membership in AssociationsNSB is an active member of severalassociations that advocate or helpshape public policy. In 2012, the Bankretained membership in the followingorganisations: The National Chamber ofCommerce of Sri Lanka Society for Worldwide InterbankFinancial Telecommunication Eurogiro Global PaymentCommunity Lanka Clear (Pvt) Ltd The Lanka Swift User Group World Savings Banks Institute (WSBI)Stakeholder EngagementAs a public entity, NSB engages dailywith diverse stakeholder groups. Thetable following lists the Bank’s formalstakeholders and the Bank’s method ofengagement with each group.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
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ROOTEDANNUAL REPORT 2012
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ROOTEDNATIONAL SAVINGS BANK l ANNUA
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5MISSIONProviding our customers wit
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7ROOTEDFor over 40 years, the Natio
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92000Establishment of subsidiary co
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11HOW WE PERFORMED IN 2012FINANCIAL
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13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
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15A MESSAGE FROM MR SUNIL S. SIRISE
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17A MESSAGE FROM MR SUNIL S. SIRISE
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19A REVIEW BYMR. HENNAYAKE BANDARAG
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21A REVIEW BY MR HENNAYAKE BANDARAG
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23A REVIEW BY MR HENNAYAKE BANDARAG
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25CHAPTER 2HOW WE PERFORMED IN 2012
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33HOW WE PERFORMED IN 2012ECONOMIC
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35HOW WE PERFORMED IN 2012ECONOMIC
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37HOW WE PERFORMED IN 2012ACHIEVEME
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39HOW WE PERFORMED IN 2012OPERATION
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51HOW WE PERFORMED IN 2012FUTURE PL
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53CHAPTER 3ROOTED IN OUR HERITAGEGO
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55ROOTED IN OUR HERITAGEGOVERNANCE
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85ROOTED IN OUR HERITAGEBOARD OF DI
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87ROOTED IN OUR HERITAGEBOARD OF DI
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89ROOTED IN OUR HERITAGEGENERAL MAN
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91ROOTED IN OUR HERITAGECORPORATE M
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93ROOTED IN OUR HERITAGEEXECUTIVE M
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95ROOTED IN OUR HERITAGEREPORT OF T
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Page 185 and 186: 183CHAPTER 6THE RESULTS OF A CHALLE
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199THE RESULTS OF A CHALLENGING YEA
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251CHAPTER 7ANNEXURESNATIONAL SAVIN
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253STATEMENT OF FINANCIAL POSITION
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255TEN YEARS AT A GLANCE(Rs Mn)Year
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257OUR PRODUCTS AND SERVICESSAVINGS
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259OUR PRODUCTS AND SERVICES19. Ran
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261OUR PRODUCTS AND SERVICESOUR EXT
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263BRANCH NETWORKCentral Province1.
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265CORRESPONDENT BANKSCiti Bank NA,
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267EXCHANGE COMPANIESHabib Qatar In
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269GLOSSARYCredit RatingsAn evaluat
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271GLOSSARYReturn on Average Assets
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273CORPORATE INFORMATIONCOMPLIANCE
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Annual Report 2012 - National Savings Bank

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