SKB-Bank considered the recommendations issued by Financial Access (the company that supported the introduction of international business standards within SKB-Bank upon the request of the European Bank for Reconstruction and Development, one of SKB-Bank’s stockholders) and set up a special Internal Audit Department, the bank’s press officer reports.

The introduction of the new subdivision is aimed at supporting the bank’s internal control development and improvement while the business keeps on expanding. The Department aims to assess the efficiency and the quality of the bank’s risk management systems and its internal control system and to support the bank management’s effective risk management and corporate management policies.

The Department is to be run by Vasiliy Kochnev, who was formerly employed as SKB-Bank’s Internal Control Administration’s Director.