VTB’s Internal Audit Department is an independent unit that helps the Bank’s governing bodies support efficient operations at Bank and Group level by monitoring internal control systems, carrying out specific and general audits, and providing independent recommendations on improving banking operations and control procedures.
- monitors and evaluates the efficiency of the internal control system;
- monitors the Bank’s risk management system on standalone and consolidated basis;
- verifies that accounting and management reporting is accurate, complete, objective and timely;
- reviews compliance with legislative requirements and standards for self-regulating organizations;
- reviews the adequacy and reliability of the internal control system related to the use of automated information systems;
- ensures consistency of internal control systems in the subsidiaries, collects information on their condition and makes recommendations for improvements.