The financial policy of the bank allows you to regulate the formation and transformation of financial resources, control and coordinate the processes of their modification. It should be based on a study of the level of development of financial relations with clients and counterparties achieved by the bank and should be aimed at their modernization [1,2,3,8.10]. The analysis of the existing basic principles of the formation of the financial policy of a commercial bank made it possible to systematize and clarify them (table 1).

Table 1

Basic principles of financial policy formation of a commercial bank

Updated by the author

The procedure for forming financial policy should include:

1. Definition of the general idea and purpose of the financial policy of a commercial bank
2. Creating a financial mechanism that will be implemented in the tactics of a commercial bank [5,7,8]
3. Development of a system of indicators that assess and monitor the bank’s financial policy [4]

Based on the presented components, it is possible to develop a procedure for forming the financial policy of a commercial bank (table 2).

Table 2

The procedure for forming the financial policy of a commercial bank and its content

Compiled by the author based on the analysis of sources of economic literature

It should be noted that the financial resources of a commercial bank are the main form of financial policy formation. One of the criteria for assessing the quality of financial policy implementation and development is the amount and structure of the bank’s financial resources.

To form the financial policy of a commercial bank, it is necessary to develop a certain algorithm. From our point of view, it can include the following components:

1. Determination of the general economic (commercial) goals of a commercial bank;
2. Analysis of the bank’s financial condition;
3. Analysis of the business and financial environment;
4. Definition of norms and principles in the bank’s financial management that allow to solve the tasks set (table 1).

Consider the first stage of the algorithm implementation. A commercial bank needs to highlight the importance of the commercial tasks being solved. In a bank, financial resources play the function of collateral, so they do not have independence. If there is a situation where funds are not directed in the direction that was originally intended, then there is an increase in risks, which leads to a decrease in financial results.

The second stage of the implementation of the proposed algorithm is the analysis of the financial condition of a commercial bank. It is necessary for the formation of short-term financial policy. In the process of implementation, it is necessary to calculate the following indicators:

— own working capital;

— liquidity ratios

— the ratio of accounts receivable and accounts payable.

You also need to define:

-the method used to finance current assets;

— availability of provisions for uncollectible accounts receivable;

— the presence of overdue accounts payable

At the third stage, it is necessary to analyze the business and financial environment. The analysis of the financial environment involves the systematization and analysis of internal and external factors that affect banking activities.

The external financial environment affects the commercial bank through various changes at the state level, when interacting with counterparties for financial transactions, insurance agents and customers.

The external financial environment consists of a system of factors and conditions that determine the form of financial activity in order to achieve an optimal result.

The internal financial environment is determined by the results of the functioning of the bank itself, and depends on the quality and effectiveness of management.

Based on the proposed algorithm it is possible to present a sequence of actions that implements the relationship of external and internal elements of the financial policy of a commercial bank.

The internal elements of a commercial bank’s financial policy include:

1. Organization of the structure for the formation of the bank’s financial policy. This structure has an impact on the processes of formation, transformation and optimization of the bank’s financial resources, as well as contributes to the achievement of the overall goals of its financial policy. It is necessary to form the composition of the management structure and divisions of the commercial bank, which would be responsible for the definition and implementation of financial policy.
2. The objectives of the bank’s financial policy are defined in terms of strategy and tactics. The final goal is to increase the quantity and quality of the bank’s financial resources while minimizing the bank’s expenses and creating a certain level of profitability and liquidity, taking into account all types of banking risks.
3. Financial planning. With the help of financial planning, you can assess the prospects and formulate potential opportunities for the development of the bank. With the help of financial planning, the main methods regulating the impact on the bank’s financial resources are formed. With the help of financial planning, you can confirm the achievability of financial policy goals, balance strategic and tactical goals, form sources of financial resources of the bank and effectively divide them, assess risks and sources of coverage, evaluate the results obtained.
4. Results of financial policy implementation. They are reflected in the financial and economic performance indicators of the bank and should be consistent with the objectives of the financial policy. Following the main directions of financial policy, it is possible to distinguish groups of indicators