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BANKING

and resilience in the operations of the
National Bank.

Bringing accounting closer to Euro-
pean standards (in cooperation with Hr-
vatska narodna banka)
Initial state of play: The National
Bank applies and follows the Interna-
tional Financial Reporting Standards
(IFRS) in its financial reporting as pre-
scribed by domestic legislation. Howev-
er, compliance with the European Cen-
tral Bank (ECB) Accounting Guideline
remains a strategic objective, especially
in anticipation of the country‘s integra-
tion into the EU. Preparations include
knowledge of the transition steps, or-
ganizational adjustments and practical
With the experts from Banca d’Italia challenges regarding its introduction
and application.
but also emphasizes the need for align- Outcomes: Through cooperation
ment with international standards and with Hrvatska narodna banka, the
best practices in the development and NBRNM has acquired information and
management of IT solutions. Improve- hands-on knowledge about the neces-
ments were needed in several areas sary activities for the transition from
such as: software testing, project man- IFRS to the ECB Accounting Guideline.
agement, security and systematic docu- The experts became familiar with the
mentation. ECB legal framework, the accounting
Outcomes: Through the exchange treatment of monetary policy transac-
of expertise with Banca d’Italia, the tions, the valuation of balance sheet
National Bank improved and strength- items and the reporting obligations to
ened the existing practices for the the ECB. Reviewing the experience of
development of IT applications. The Hrvatska narodna banka and its ac-
NBRNM further refined the approaches tivities before joining the Eurosystem
to managing the entire software devel- is very useful for the National Bank‘s
opment cycle, from the collection and preparatory activities. Knowledge was
analysis of requirements to testing and also gained on IT solutions for paral-
implementation, thus enabling greater lel accounting processes in both ways
consistency and efficiency in the oper- and on the necessary adjustments to
ations. The National Bank upgraded the Chart of Accounts. These results
the already established approaches and provide a solid foundation for gradual
ensured even greater structuring, es- policy alignment and smooth future in-
pecially in the area of systematic doc- tegration into the European System of
umentation and formalization of user Central Banks (ESCB).
requirements and specifications, estab-
lishment of clear control and quality Consumer protection through mod-
assurance methods, integration of se- ern financial supervision (in coopera-
curity standards in all phases of devel- tion with Národná banka Slovenska)
opment, as well as automation of testing Initial state of play: The National
processes. These improvements have Bank has been strengthening the legal
significantly strengthened the internal framework for building an efficient con-
IT project management capacities, ena- sumer protection system in the banking
bling greater consistency, transparency sector. The established supervisory role

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