XV. Read and translate the text. Describe the bank’s management hierarchy. Study the chart following the text. Service operations of a small bank

The service operations of a small bank usually are monitored by a cashier and auditor working in the accounting division and by vice-presidents heading up the bank's loan, fundraising, marketing and trust departments (if the bank offers trust services). These officers report to the senior executives of the firm, consisting of the board chairman, the president (who usually runs the bank from day to day), and senior vice-presidents, who are responsible for long-range planning and for assisting heads of the various depart­ments in solving their most pressing problems. Senior management, in turn, reports periodically (at least once each month) to members of the board of directors—the committee selected by the shareholders to set a policy and oversee the bank's performance. There is often close contact between top management and the management and staff of each line division. Such banks present a relatively low-risk working environment, but with limited opportunities for rapid advancement or for the development of new banking skills. Nevertheless, such banks place the banker close to the customer and give bank employees the opportunity to see how their activities, especially in granting loans can have a real impact on the vitality and quality of life in local communities. The organization chart of a large money bank is much more complex.

The tendency in recent years has been for most banking institutions to become more complex organizations. When a bank begins to grow it usually adds new services and new facilities. With them come new departments and divisions to help the management more effectively to focus and control the bank's resources and service the most profitable customer segments.

Where law and regulations permit, the bank may form a branch banking organization. The full range of banking services is offered from several locations, including head office and one or more branch offices.

Organization Chart for a Small Community Bank

XVI. Match the words above with the definitions which follow:

top management, staff, commercial bank, organisation chart, chief executive officer, audit, board of directors, branch banking

1. Committee elected by shareholders to set the bank's policy and oversee the bank's performance.

2. Most common and most unrestricted type of bank, allowed the most latitude in its sevices and investments.

3. Chart showing the interrelationship of positions within an organization in terms of authority and- responsibility.

4. Banks that offer a full range of services from multiple locations, including a head office and one or more-branch offices.

5. Key people in an organization who make most important decisions.

6. Inspection of the accounting records and procedures of any reporting entity by a trained accountant, for the purpose of verifying the accuracy and completeness of the records.

7. Personnel in an organization.

8. Member of staff who has ultimate management responsibi­lity for an organization. He reports directly to a board of direc­tors.