The effective functioning of compliance programs and the achievement of compliance risk management objectives is based on the application of basic principles expressed in the Bank’s internal policies, rules and regulations. The following guidelines and the list of applicable documents are an integral part of the Bank’s compliance operations:
Corporate Compliance and Ethics
In its activities, the Bank adheres to the following corporate and professional values:
- Professionalism. The Bank strives for quality and timeliness in its client service activities. The Bank applies modern technologies and uses innovative approaches in order to work more effectively.
- Legitimacy. The Bank strictly follows generally accepted principles and norms of international law, the laws of the Russian Federation and applicable legal acts.
- Responsibility. The Bank is responsible to its shareholders for its performance, to its clients for the quality of it’s the banking services and to its business partners for proper execution of its obligations. The Bank follows principles of corporate social responsibility and provides contributions to the welfare of society through implementation of socially significant projects.
- Openness. The Bank has a policy of maximum openness and transparency of operations to its shareholders, clients, business partners, state and local governments. The Bank seeks to provide all interested parties with every available source of publicly disclosed information relating to its operations.
- Efficiency. The Bank maintains a results-driven organizational culture. The bank aims to achieve the best results, while making the best use of its resources.
The following are the main objectives of the development of the Bank’s corporate governance system:
- Raising the level of transparency
- Improving management processes
- Reducing exposure to risks
- Preventing conflicts of interest
- Adhering to high ethical standards in interactions with all stakeholders.
The Bank constantly monitors its compliance with the corporate governance code, and ensures adherence to its corporate values.
Prevention of Conflicts of Interest
Bank employees, members of the management team and other persons directly involved in the activities of the Bank including, those whose actions may impact Bank operations, should seek to avoid conflicts of interest by, among other safeguards, not performing activities that involve or could lead to such conflict.
In order to prevent conflicts of interest parties should:
- Put the interests of the Bank and its clients above their own, and refrain from actions and decisions that may lead to a conflict of interest.
- Obey local regulations and the Bank’s internal policies and procedures.
The Bank has developed regulations on transactions related to Ak Bars Bank entities, related parties, and large transactions, in order to increase control over risks related to such dealings.