Risk Management, Internal Control, and Internal Audit

During the year, FPC continued to develop and formalise its risk management, internal control, and internal audit as recommended by the Bank of Russia’s Corporate Governance Code.

Currently, all FPC’s units are involved in the risk management process within their scope of responsibility.

The key actors driving the risk management process in the Company are its Board of Directors, the Audit and Risk Committee, and the General Director.

The Company has stand-alone Risk Management and Internal Audit units.

Allocation of roles in risk management and internal audit
Description Risk management Internal audit
Responsible structural unit Risk Management Unit Internal Audit Unit
Reporting Reporting to FPC’s Deputy General Director responsible for the risk management system Functional reporting to the Board of Directors (the Audit and Risk Committee of FPC’s Board of Directors) and administrative reporting to the General Director
The unit’s key objectives
  • Establish a risk management process at FPC
  • Coordinating and improving risk management procedures, enhancing internal controls
  • Performing day-to-day monitoring of the risk management process at FPC and its subsidiaries, as prescribed
  • Monitoring and supervising the risk management process at FPC
Assessing internal control and risk management systems, as well as corporate governance practice for reliability and performance