<abstract xmlns="http://www.w3.org/1999/xhtml"><p> This article discusses the principles of quality management and benefits of their implementation in central banks. It is based on new principles of quality management, in particular to: customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making, and, relationship management. With a view to continuously improving their performance and achieving sustained success, central banks have a realistic opportunity to use these principles in an efficient and effective manner whereby the top management certainly holds the most responsibility. Quality management principles are analysed herein both in their original form and in terms of their implementation in the financial system and its most prominent entity - central bank. The article also incorporates new standard-related terms such as `context` and `risk-based thinking` that significantly strengthen quality management principles and contribute to a more effective and efficient achievement of sustainable success.</p></abstract>

This article discusses the principles of quality management and benefits of their implementation in central banks. It is based on new principles of quality management, in particular to: customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making, and, relationship management. With a view to continuously improving their performance and achieving sustained success, central banks have a realistic opportunity to use these principles in an efficient and effective manner whereby the top management certainly holds the most responsibility. Quality management principles are analysed herein both in their original form and in terms of their implementation in the financial system and its most prominent entity - central bank. The article also incorporates new standard-related terms such as `context` and `risk-based thinking` that significantly strengthen quality management principles and contribute to a more effective and efficient achievement of sustainable success.

Quality Management Principles and Benefits of their Implementation in Central Banks

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

This article discusses the principles of quality management and benefits of their implementation in central banks. It is based on new principles of quality...

Quality Management Principles and Benefits of their Implementation in Central Banks

Published Online: Oct 07, 2015

Page range: 91 - 121

Received: Aug 14, 2015

Accepted: Aug 30, 2015

DOI: https://doi.org/10.1515/jcbtp-2015-0013

Keywords
Quality management principles, Customer Focus, Leadership, Engagement of People, Process Approach, Improvement, Evidence- based Decision Making, Relationship Management, benefits, implementation, central banks

© Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Quality Management Principles and Benefits of their Implementation in Central Banks

Published Online: Oct 07, 2015

Page range: 91 - 121

Received: Aug 14, 2015

Accepted: Aug 30, 2015

DOI: https://doi.org/10.1515/jcbtp-2015-0013

KeywordsQuality management principles, Customer Focus, Leadership, Engagement of People, Process Approach, Improvement, Evidence- based Decision Making, Relationship Management, benefits, implementation, central banks

© Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Quality management principles, Customer Focus, Leadership, Engagement of People, Process Approach, Improvement, Evidence- based Decision Making, Relationship Management, benefits, implementation, central banks