**Moscow**: The Central Bank of Russia reveals a concerning rise in illegitimate businesses, prompting enhanced partner vetting strategies led by Dmitry Torikov, aimed at safeguarding investments in an increasingly stringent regulatory environment. Innovative methodologies show promise in reducing financial risks for companies.
In a significant development for Russian businesses, the Central Bank of Russia has identified over 9,000 entities exhibiting signs of illegal activities, including financial pyramids, in 2024. This figure marks an increase of nearly 60% compared to the previous year, underscoring the growing need for companies to rigorously vet their partners to safeguard their investments and reputations. The urgency for thorough due diligence has led to the adoption of innovative methods for assessing partner reliability, one of which has been developed by Dmitry Torikov, the head of security at Maslenitsa.
Torikov’s methodology was highly praised at the entrepreneurial competition “Business Breakthrough,” where winners were announced on 22 January in Moscow. “We live in an age where every step must be calculated,” Torikov remarked to the audience, emphasising the importance of finding partners who genuinely share similar values to avoid costly mistakes.
Torikov boasts a well-rounded educational background, initially studying engineering systems and structures, followed by a focus on financial analysis, investment, and risk management. He further advanced his expertise in compliance and marketing technologies at the Higher School of Economics. Leveraging his diverse skill set, he created a unique risk hedging methodology for external economic activity that has been successfully implemented at EuroTechMet. However, his most impactful contribution to the field is the multi-layered procedure for vetting partners, which replaces the simple listing of basic parameters with a systematic approach and comprehensive evaluation of results.
This method utilises over 25 criteria that assess all aspects of a potential partner’s operations and reputation. The verification system entails forming a preliminary dossier on the partner based on the supplied materials, followed by an in-depth authenticity check of the information using various indicators that encompass legal, tax, and reputational facets. A key focus of Torikov’s method is the dynamic analysis of a potential partner’s financial stability. If necessary, additional information is collected and analysed to create an objective picture, culminating in a final determination regarding the viability of the partnership. A critical component of this system is the annual monitoring of active partners, which Torikov has instituted.
The market relevance of Torikov’s methodology is significant, as contractual relationships are essential to any commercial operation. Risks associated with unreliable suppliers and contractors remain a central threat to financial stability. “We have standardised the evaluation,” stated Torikov. “Now any company can quickly and accurately determine how reliable a potential partner is. It’s like a GPS navigational system for business — you can see all the risks on the map and choose a safe route.”
The methodology has already found success in large companies, leading to a reduction in the number of unreliable partners by approximately threefold for many, while some companies reported entirely eliminating such risks. Additionally, the implementation of Torikov’s approach has resulted in decreased accounts receivable, a fact that significantly influenced the competition jury’s decision.
Amidst increasing tax oversight, the demands for partner verification have become stricter, prompting companies to adhere more closely to principles of commercial prudence. This climate has given rise to a market for financial security solutions, where quality requires rigorous expert evaluation. In 2023, Torikov was invited to join the expert council of the international award “Best Talents,” where he evaluated nominee projects within his area of expertise. The stakes are high in this sphere, and as Torikov asserted, every effective discovery propels the industry forward.
“When I see someone’s successful solution, it inspires me,” he shared, revealing his passion for innovation in the field.
Torikov’s responsibilities encompass critical aspects of the company’s operations, such as financial risk control, monitoring, and abuse prevention, alongside institutionalising security measures. He not only performs oversight functions but also systematises them, implementing internal procedures that integrate security into business processes. His approval is mandatory for contract signings, a practice developed to prevent unreliable employees from entering the company, thereby mitigating internal threats, data leaks, and economic damage. As a specialist in financial security, Torikov influences key financial and operational decisions, ensuring transparency and reliability in business practices. His expertise has garnered respect within the entrepreneurial community, leading to his acceptance into the “I Am a Leader” Association, a prestigious group comprising outstanding professionals in business and culture.
“Achieving success here and now is a good goal, but it is essential to think about the future,” Torikov concluded. “Setting new standards and raising the bar for professional achievements is vital.”
Source: Noah Wire Services
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