Our Governance System

Learn more about our governance structure

Leadership and Management Structure

The Board delegates day-to-day management and the execution of strategy to the Group CEO, while retaining oversight of matters that are significant for the Group’s long-term stability and strategic positioning
The Group CEO is responsible for leading the Group, driving performance and ensuring the implementation of the strategy across all entities. To support effective management and consistent decision-making, the Group CEO works through Group Management Committee established at executive level.

Members of the Group Management Committee

Razvan Munteanu
Group CEO, Chair of GMC
Aleksandra Babić
Group CRO
Ana Živanović
Head of Group Finance
Vesna Reich
Head of Group HR & Organization
Dimitar Komlenović
Head of Group IT & Digital
Jelena Sokolović
Head of Group Strategic Risk
Aleksandar Jevtić
Head of Group Internal Audit
Miloš Bogdanović
Head of Group Compliance

Leadership Bodies and Working Groups

To support effective execution of the Group’s strategy and ensure coordinated leadership, the Group CEO is supported by several leadership bodies and specialist working groups.
These structures bring together senior experts from across the organization to provide deeper insight, consistent standards and aligned decision-making in key areas.

Group Credit Committee: A executive level committee supporting responsible and consistent credit-related decision-making across the Group.

Group Asset and Liability Committee (Group ALCO): A executive level committee overseeing balance sheet structure, liquidity, funding and financial strategy, contributing to long-term stability and risk awareness.

Executive Strategy Group: A senior forum that supports the development and alignment of strategic priorities, ensuring that the Group’s strategic direction is coherent, forward-looking and effectively executed.

Cost Management Committee: Oversees cost discipline and efficiency initiatives across the Group, helping to ensure sustainable performance and optimal resource allocation.

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Internal Control System

A strong internal control system is a core element of our corporate governance. It supports the Board of Directors and senior management in ensuring that the Group is managed in a sound, responsible and sustainable way.
Our internal control system brings together rules, processes and organizational structures designed to translate our strategy into effective day-to-day operations, support efficient and consistent business processes, safeguard the Group’s assets and reputation, ensure the reliability of financial and non-financial information and promote full compliance with applicable laws, regulations and internal standards.

Three Lines of Defence

The internal control system is organized according to the three lines of defence model, which clearly allocates responsibilities for risk management and control across the Group.

First line of defence – Business and support functions: Business lines and support units are responsible for owning and managing risks in their daily activities. They design and operate controls embedded in processes, products and services, ensuring that risks are identified, assessed and managed where they arise.

Second line of defence – Independent control functions: Specialist functions such as risk management, compliance and other control units provide oversight, guidance and challenge to the first line. They develop risk and compliance frameworks, monitor adherence to risk appetite and policies, and report on the overall risk and control environment to senior management and the Board.

Third line of defence – Internal audit: The internal audit function provides independent and objective assurance on the effectiveness of governance, risk management and internal controls across the Group. It assesses how well the first and second lines are working and issues recommendations to further strengthen the control environment.

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This three-line structure ensures that responsibilities are clearly defined, that there is an appropriate degree of independence and challenge, and that risks are managed consistently throughout the Group.