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The Internal Control System of FCRB is organized in accordance with the requirements of the instruction of the Central Bank of the Russian Federation “On Internal Control in Credit Organizations and Banking Groups” and other regulations of the Central Bank of the Russian Federation and is aimed at the realization of the following tasks:
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Ensuring the effectiveness and outcome of financial and economic activity when carrying out banking operations and other transactions, the effectiveness of control of assets and liabilities, including the guarantee of safety of assets, and the management of banking risks;
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Ensuring that the financial, accounting, statistical and other reporting is correctly, completely and objectively prepared and duly submitted, and ensuring the information security;
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Complying with legal regulations, standards for self-regulating companies, company association documents and internal documents of the Bank;
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Excluding any involvement of the Bank and participation of its employees in carrying out illegal activity, including money laundering and financing of terrorism, and timely submission of information to the state authorities and the Bank of Russia in accordance with the legislation of the Russian Federation.
Internal control in accordance with the powers conferred by the company Charter and internal documents of the Bank is carried out by the:
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General Meeting of Shareholders
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Supervisory Board
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Board, Chairman of the Board
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Deputy Chairman of the Board
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The Audit Committee
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Chief Accountant and his deputies
The system of internal control bodies of the Bank also includes the Department of Internal Control and Audit, the Department for Anti-Money Laundering, the Controller of a professional participant in the market for securities and a number of subdivisions whose employees carry out separate procedures of internal control in accordance with the internal documents of the Bank.
Effective risk management is one of the key aspects of the successful management of a credit institution.
To determine major risks related to the Bank’s operations as well as methods for their management, the FCRB LLC has developed the Bank Risk Management Concept. This is based on the recommendations of the Basel Committee on Banking Supervision, the regulatory documents of the Bank of the Bank of Russia along with international risk management practices in financial and credit institutions.
To appropriately assess the risk arising in the course of Banking operations, the FCRB LLC has created a comprehensive organizational, methodological risk assessment base including a system of regulations, methods and procedures for conducting analysis and monitoring bank risks along with a system of collegial decision-making bodies. These comprise the Bank’s Management Board, Credit Committees, Risk Management Committee, Assets and Liabilities Management Committee, other committees and working groups.
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