THE ROLE OF BALANCED SCORECARD MODEL IN PERFORMANCE MEASUREMENT OF THE BANKING SECTOR IN SERBIA

Modern business environment imposes the need for the continued finding and defining new concepts and models of the performance measurement in order to raise the overall efficiency of the organization. The recession and the related financial sector crisis require a deep re-consideration of the business models and managerial approaches adopted to increase the organization's growth and value-creation. The effort of the modern management, along the twentieth century, had been aimed to develop a wide range of models to allow managers to control, understand and coordinate the functions of organization's value chain as well as their integration in accordance to a strategic perspective like the Balanced Scorecard model is. The paper is going to consider whether Balanced Scorecard is the appropriate model for banks performance measurement and what its advantages are in relation to the CAMELS model.