Annual Report 2012 - National Savings Bank

37HOW WE PERFORMED IN 2012ACHIEVEMENTS AGAINST STRATEGIC OBJECTIVES FOR THE YEAR 2012that required additional interventionwere risk management, controls andcompliance. The imperatives were put inplace for the implementation of a soundinternal control system, where throughbranch, system and follow up audits, asound and comprehensive system ofinternal controls was established. Intothis equation, a fully integrated riskmanagement system was entrenchedby introducing and modifying policiesand reviewing charters and existingrisk monitoring mechanisms. Strategiesto ensure full compliance with lawsand regulations were also inuencedby initially monitoring the existingcompliance steps by review andthen revising the compliance policy,conducting compliance audits andimplementing compliance standards.A blueprint was also in the pipeline toautomate connectivity with Sri LankaPost, to further strengthen our verystrong postal banking network at thebeginning of 2012. This involved theinstallation of an IT system that wouldfacilitate online transactions throughpost ofces. However, this systemcould not be implemented with thePostal Department due to challengesencountered in developing a softwaresystem that would be applicable andaligned to the postal sector of Sri LankaPost.The focus we have always maintainedin creating and nurturing our team alsogained epochal consideration, rootedas we are in the annals of customerservice, innovation, governance, ethicsand sustainability, all driven by themotivated dynamism of teamwork.We were most emphatic on developingbusiness and work ethic competencies,having focused at the beginning of 2012on the evolving and transforming macrooperating environment. The training wethus infused is afrmed as an investmentto our long term sustainability andsuccess, given the direct impact it hason our service quality and quality ofour product portfolio. The TrainingPlan thus reected this burgeoningemphasis on the business and work ethic,which aligned to developing individualcompetencies, would in turn complimentthe Bank’s end goals and vision.The ethos of sustainability remainedthe overarching concentration inensuring economic sustainabilityas well, where maximising returnon investment through astute andvisionary diversication of investmentsand the loans and advances portfoliowas planned. However, the equitymarket investment portfolio remainedrestricted due to the prior mentionedTFC transaction and the Loans andAdvances Portfolio was also conneddue to the CBSL credit ceilingdiktat. Hence, it was here that NSB’sprudent perspicacity in maintaininga strong and consistent investmentgrowth paradigm rmly rooted itself.Investment in the corporate sectorincluding in debentures, securitisationand corporate lending heraldedremarkable growth. The loan portfoliotoo was diversied by extending projectloan facilities to diverse industries andgranting small scale loans to rural areasthrough Ithurum Ayojana Kawa, whichalso added llip to the micro and SMEsectors around the country.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012