Title: Compliance Crusaders: The Role of Internal Controls in Russian Finance

Russian Financial Regulators Enforce New Internal Control Requirements

• Russian financial regulators impose strict internal control requirements 1 on listed companies and lending institutions in the Federation.
• The new rules follow Order No. 04-1245/пз-н issued by the Federal Service on Financial Markets 1.

The Role of the Board of Directors in Internal Controls

• The issuer’s Board of Directors approves and oversees documentation detailing internal controls 2.
• This division operates independently and reports directly to the Audit Committee 2.

Adherence to the Code of Corporate Conduct

• The Russian business scene follows the Code of Corporate Conduct for best practices in governance and compliance 3.
• Joint-stock companies are recommended to adhere, while listed ones are mandated 3.

Our Expertise in Implementing and Optimizing Internal Control Systems

Our team specializes in:

1. Implementing international internal control practices[4].
2. Merging them with Russian regulatory requirements[5].
3. Tailor-made solutions for enhanced regulatory compliance and shareholder benefits [5].

Services Offered

• Development of internal control documentation.
• Independent assessments of existing systems [6].
• Recommendations for optimization [6].

Extended Service Offerings

In addition to internal controls, our team offers services in:

• Risk management
• Crisis response planning[6]

References

[4]: Our team’s diverse expertise. [5]: The International Organization of Securities Commissions (IOSCO) and the Basel Committee for Banking Supervision are two prominent international organizations. [6]: Extended services include risk management and crisis response planning.