ICRMS participants and partition of power

According to the approved local regulatory documents on ICRMS perfection, directors and specialists on all management levels (both in our branches and HQ) are involved into risk management and internal control processes. The Board of Directors determines required levels and directions for ICRMS development. The Audit Committee evaluates ICRMS efficiency, including messages and reports of Internal Control and Audit Department, analyses financial (accounting) statements and contributes to the preparation of recommendations on significant financial and operating issues. The General Director arranges efficient ICRMS functioning, ensures internal control procedure implementation and bears responsibility for their completion. Internal Control and Risk Management Department directly evaluates the adequacy, sufficiency and efficiency of internal control procedures, coordinates risk management processes, arranges the implementation of internal control system in business processes and evaluates the compliance of accomplished financial operations to the current legislation and shareholder interests. Structural divisions, within their competence, reveal and evaluate risks, monitor, elaborate and implement measures taken to minimize the risks as well as accomplish control procedures.