UrBC, Yekaterinburg, March 4, 2016. Winners of the annual Compliance 2015 Prize were awarded at the 5th annual International Compliance Association (ICA) Conference.

Pipe Metallurgical Company (TMK) won the Compliance Leadership Prize. TMK Compliance & Foreign Economic Activity Director Vladimir Pribylovsky received the award on his company’s behalf.

Compliance consists in meeting the legal, state, and regulatory bodies’ requirements as well as various standards (from quality standards to environmental to accounting ones). Compliance is also understood, in broader terms, as an indispensable part of corporate culture, where every single worker’s performance, as well as decision-making at all levels, meet the legality and conscientiousness standards.

‘TMK joined the ICA in 2012 and now has a system of detecting, assessing, and preventing compliance risks. In organizational terms, the system consists of a compliance risks regulating committee and subcommittees at nearly all of TMK Group’s Russian and foreign member enterprises. An always active hotline is also one of the components. In contrast to many Russian businesses and banks which only started working on compliance control after their foreign partners or stakeholders pushed them to do so, TMK developed a compliance risk management system on the basis of established threats and the world’s best corporate governance practices,’ their press service says.