OREANDA-NEWS. October 04, 2013. Function compliance as an efficient instrument of the compliance risks management is becoming an integral part of the modern system of the corporate management by business.

Using the best Russian and world practices, the department of compliance control, anti-corruption arrangements and controlling is established in JSC “MOESK”; Elena Pavlovskaya-Mokhnatkina is appointed the head whereof.

Main objectives of the new department are the issues related with the formation and provision of functioning of the compliance system, as well as organization of the management process by the compliance risks.

Besides that, the department activity stipulates consulting of the employees as regards the issues of conformity to the requirements of the laws and internal local regulatory acts applicable to JSC “MOESK”.

Such first large-scale “consultation” took place at the beginning of September in Moscow. Training-seminar as regards the issues of organization and functioning of the compliance system in JSC “MOESK” was held for the company’s top managers. The arrangement participants got familiar with the organizational structure of the compliance function, practical aspects of the compliance system creation, examples of its introduction.

“It’s very important that, first and foremost, the management team should set confidently “the tone from top” when constructing the compliance system, demonstrating an unbearable attitude to corruption and bribery, providing the observance of the adopted policies and procedures of the company, controlling their strict observance by the employees”, – specified Elena Pavlovskaya-Mokhnatkina.

Finally the creation of the efficient compliance system is capable of guaranteeing the company’s goals achievement and its business reputation protection.

For reference only:

Compliance-system – is a complex of the measures aimed at counteracting to the corruption activity in an entity and at providing of the compliance with the requirements of the applicable laws and internal local regulatory acts.

Compliance-risks – are risks of the legal, regulatory statutory sanctions and financial and reputational damage, which may be incurred by the Company as a result of the requirements non-observance of the applicable laws and local regulatory acts of the Company.