Bank ZENIT >> Investor Relations >> Corporate Governance >> Internal Control

Internal control is the activity carried out by the Bank's Board of Directors, its management and supervisory bodies, officers and other employees of the Bank in order to:

Ensure efficiency and effectiveness of financial and economic activity when carrying out banking operations and other transactions, efficiency of assets and liabilities management including asset safety and bank risk management.
Ensure reliability, completeness, objectivity and timeliness of drawing up and submitting financial, accounting, statistical and other reporting, as well as information security.
Ensure observance of regulatory legal acts, standards of self-regulatory entities of which the Bank is a member, constituent and internal documents of the Bank.
Prevent the Bank and its employees from being involved and participating in illegal activity, including legalisation (laundering) of criminal incomes and financing of terrorism; as well as ensure timely submission of data to the state authorities and the Bank of Russia in conformity with the legislation of the Russian Federation.

Internal control in the Bank is exercised by the system of internal control bodies, including the following:

Management bodies of the Bank (General Meeting of Shareholders, Board of Directors of the Bank, Chairman of the Management Board of the Bank, and Management Board of the Bank);
Revisory Commission of the Bank;
Chief Accountant of the Bank (his deputies);
Heads (their deputies) and chief accountants (their deputies) of the Bank's branches;
Internal Control Department of the Bank;
Financial Monitoring Department of the Bank;
Inspector of the professional participant of the securities market.

Financial and economic operations of the Bank are supervised by the Revisory Commission of the Bank elected by the General Meeting of Shareholders. The functions, election rules and operating procedures of the Revisory Commission of the Bank are stipulated by the current law of the Russian Federation, regulatory documents, the Charter of the Bank, and Regulations on the Revisory Commission of the Bank. The members of the Revisory Commission continually improve their qualifications in the area of banking operations, and deliver informed objective opinions while exercising their control functions.

The Bank annually hires a professional audit firm (external auditor) which has no proprietary interests in the Bank or its shareholders to audit and certify the annual financial statements of the Bank.

The Bank hires an independent international auditor to certify its annual consolidated financial statements prepared in accordance with the International Accounting Standards.