The system of internal corporate control aims at ensuring the achievement of the Company’s objectives, including:
- operational effectiveness;
- compliance and with statutory requirements and regulatory restrictions;
- timeliness and accuracy of reporting.
The effectiveness of the current internal corporate control system is assessed and tested at various levels of management on a regular basis. A major role in shaping the optimal control system on the level of business processes is played by supervising services (by activity areas) of the structural divisions’ and enterprises’ executive offices. Key decisions at the corporate level on the implementation of the internal control mechanisms are adopted by the executive management and the Company’s Board of Directors.
The Company has developed specialized services, performing the functions of control over the financial and economic activity:
- The Internal Audit Department. The main task of the Internal Audit Department is an independent effectiveness assessment of the current internal control and risk management system at the corporate level and at the level of business processes and divisions.
- Control and Audit Office. The main task of the Control and Audit Office is monitoring compliance with internal and external regulatory requirements (approved plans, orders, standards, regulations, laws).
- Corporate Control Management. The main task of the Corporate Control Management is advising to the management on financial, tax and legal and economic issues in the field of accounting and taxation, as well as tax and legal expertise of corporate projects in order to minimize the Company's risk.