OREANDA-NEWS. March 28, 2012. The Board of Directors of OJSC KAMAZ decided to realize measures aimed at the reduction of potential compliance risks.

This issue was put on the agenda of the meeting of the Board of Directors on the initiative of its member – Hubertus Troska, Daimler’s Executive Vice-President of Daimler.

The largest foreign companies have for a long time been concerned with the issues of compliance risk management under the influence of the Foreign Corrupt Practices Act (USA) and the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of the Organization for Economic Co-operation and Development (OECD).

According to the British auditing company Ernst&Young, compliance was the most important business risk for 2010. The risk of legal sanctions or business reputation loss as a result of disregard of law and instructions of self-regulatory organizations took the lead over such risks as lack of credit and economic recession in this rating.

Corporate compliance is a set of procedures in the company regulating the personnel’s actions with respect to observance of legislative regulations in the sphere of counteraction to corruption and money laundering. In connection with Russia’s entry into the OECD in 2012, the issues of the development of the compliance risk management system are becoming more and more important for Russian companies too. Top managers of OJSC KAMAZ decided to start implementing effective measures to minimize compliance risks in the company in order to fit the times.