Annual Report 2012 - National Savings Bank

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198THE RESULTS OF A CHALLENGING YEARDIRECTORS’ STATEMENT ON INTERNAL CONTROLSobserved. The Auditor Generalcarries out the external audit ofthe Bank. The Superintendent ofthe Government Audit is generallyinvited to BAC meetings. The BAC reviews the internal auditfunction with particular emphasison the scope of audits and qualityof the same. The activities attendedto by the BAC during the year2012 are set out in the Board AuditCommittee Report appearing onpage 95 of this Annual Report.The Internal Audit Division ofthe Bank carries out audits ofbranches, divisions and other unitsas per the Annual Audit Plan. Thefrequency of audit is determined bythe level of risk assessed. The AuditPlan is approved by the BAC forimplementation. The Internal AuditDivision carries out audit checks toensure compliance with policies andprocedures and the effectivenessof the internal control systems andreports its ndings in respect of anynon-compliance. Audits are carriedout to provide an independent andobjective report on operational andmanagement activities. The ndingsof the audits are submitted to theBAC for review at their periodicmeetings. The activities of theBAC, along with minutes of theCommittee meetings are submittedfor information of the Board on aperiodic basis. The Board Integrated RiskManagement Committee (BIRMC)has been established by the Boardto assist the Board to oversee theoverall management of principalareas of risk of the Bank. TheExecutive Risk ManagementCommittee (ERMC) which includesrepresentation from all key businessand operating units of the Bankassists with the implementation ofpolicies advocated at the BIRMC.The Board has also establishedan independent Compliance Unitwhich ensures Bank’s activitiesare conducted in accordance withapplicable laws, regulations andregulatory directives and any issuesof non-compliance are reported toBIRMC periodically. The report onthe Risk Assessment is submittedby the BIRMC to the Boardperiodically. Management level Committeeshave also been functioning withappropriate empowerment toensure effective management andsupervision of Bank’s core areas inthe day-to-day business operations.The assessment covered only theprocess applied by the Bank and didnot include the processes carried outby its Subsidiary.The ndings of the GovernmentAudit are reported to the managementperiodically and the managementensures that they are rectied andresponded promptly. The commentsmade by the Auditor General inconnection with the audit on internalcontrol system appeas on page 200.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
199THE RESULTS OF A CHALLENGING YEARDIRECTORS’ STATEMENT ON INTERNAL CONTROLSConfirmationBased on the above processes, theBoard conrms that the nancialreporting system of the Bank hasbeen designed to provide reasonableassurance regarding the reliability ofnancial reporting and the preparationof Financial Statements for externalpurposes has been done in accordancewith Sri Lanka Accounting Standards,Sri Lanka Financial Reporting Standarsand regulatory requirements of theCentral Bank of Sri Lanka.adopted by the Board in the reviewof the design and effectiveness of theinternal control system of the Bank.By Order of the Board,Sunil S SirisenaChairmanReview of the Statement by theExternal AuditorsThe External Auditors have reviewedthe above Directors’ Statement onInternal Controls for the year ended31st December 2012 and reportedto the Board that nothing has cometo their attention that causes them tobelieve that the statement is inconsistentwith their understanding of the processS.T. AbeygunawardanaWorking DirectorLionel P FernandoDirectorChairman - Board Audit Committee28 March 2013NATIONAL 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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101ROOTED IN OUR HERITAGEREPORT OF
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103CHAPTER 4ASSESSING AND MANAGING
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105ASSESSING AND MANAGING OUR RISK
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137CHAPTER 5BRANCHING OUT INTO NEW
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139BRANCHING OUT INTO NEW VENTURESS
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249THE 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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