OREANDA-NEWS. At its Fifth Annual Conference held recently, the International Compliance Association (ICA) hosted an award ceremony to celebrate the winners of its Compliance 2015 awards. ТМК won an award in the Compliance Leadership category. The award was given to Vladimir Pribylovsky, Head of ТМК’s Compliance and International Trade Support Department.

Compliance is a state of being in accordance with the requirements of legislation, the state, regulators, various standards (from quality and environmental standards to international financial reporting standards), best practices, and a company’s own internal regulations. Another approach, based on the best practices, sees compliance more broadly, treating it as an integral part of a company’s corporate culture where every employee is expected to carry out their duties, including decision-making at all levels, according to standards of legality and integrity.

ТМК has been a member of the ICA since 2012. The Company has in place a framework for compliance risk identification, assessment and prevention. Organisationally, its compliance system comprises the Company’s Committee on Regulating Compliance Risks and Subcommittees in place virtually at every plant run by TMK Group’s Russian and foreign-based divisions. TMK operates a hotline as one of the elements comprising the system. Unlike many Russian companies and banks which started focusing on compliance control frameworks at the instigation of their foreign members or shareholders, ТМК has built its compliance risk management framework to respond to real threats and align its operations with the best international practices of corporate governance.