At this stage, bank regulation and supervision is based primarily on risk identification and management, with clearly defined roles for shareholders, boards of directors, senior management and internal and external auditors. Thirdly the South African banking scene was opened up for foreign banks. South African banks, in turn, were allowed to establish branch offices, subsidiaries and representative offices in many countries around the world.
However, we must be aware that new technologies give us countless new opportunities, but also bring us new challenges and risks. We have to be mindful of them as well. On this path, the task of the National Bank of Serbia is clear.