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Internal Control Division
VTB Internal Control
The Internal Control System is a complex of internal control bodies, ensuring compliance with the procedure of performance and achievement of objectives established by the legislation of the Russian Federation and the Bank’s
The main objectives of internal control are to ensure:
- efficiency of economic activity in carrying out bank transactions and other deals, efficient asset and liability management;
- accurate, complete, objective and timely nature of preparing and submitting financial, accounting, statistical and other reporting, as well as information security;
- compliance with regulations and standards of
self-regulated organizations (or professional participants of the securities market), VTB Bank constituent documents andby-laws ; non-involvement of VTB Bank in carrying out illegal actions, including legalization of proceeds of crime and terrorist financing.
Internal Control Department
The Internal Control Department is an independent structural division of VTB Bank which is directly assist the governance bodies in ensuring efficient operations of the Bank and VTB Group by monitoring internal control systems, carrying out limited scope and general audits, and providing independent recommendations on improvement of banking operations and control procedures.
The Department’s objectives:
- inspection and efficiency evaluation of the internal control system;
- inspection of the banking risk management system operation, included on a consolidated basis;
- verification of accurate, complete, objective and timely nature of accounting and management reports;
- verification of compliance with legislative requirements and standards of
self-regulated organizations; - review of adequacy and reliability of the internal control system related to the use of automated information systems;
- shaping consistent approaches to arranging internal control systems and subsidiaries, collecting information on their condition and preparing recommendations on their improvement.
