Female warriors are prohibited from working continuously for more than 5 years in high-risk work… Strengthening PF loan management < Policy/Finance < Text of article

Financial Supervisory Service implements best practices for internal control of female companies

(Seoul = Yonhap Infomax) Reporter Park Hyeong-gyu = The Financial Supervisory Service will establish and implement exemplary standards for internal control in the credit-specialized financial industry. After the announcement of the internal control improvement plan for the women’s companies in November last year, the internal control standards of each women’s company were reorganized.

The Financial Supervisory Service announced on the 25th that it has completed the enactment and revision of four best practices, including ‘standard internal control standards’, to prevent financial accidents in all industries and will implement them. Each standard contains contents such as establishing internal control standards, improving used car finance sales practices, strengthening management of affiliated companies, and strengthening the compliance monitoring system.

The ‘Standard Internal Control Standards’, established to ensure compliance with corporate governance laws and regulations, stipulates the roles of the internal control committee and compliance officer and specifies the operating standards for the compliance monitoring system. Accordingly, Women’s Warriors must periodically manage the status of concurrently held positions by executives and employees and carry out work to prevent money laundering.

The ‘Used Car Finance Sales Practice Improvement Guidelines’ were also revised in consideration of the special nature of the industry, which still has a high proportion of high-risk tasks such as used cars. Guidelines for preventing theft of loan funds were presented, such as informing customers of key details when depositing used commercial vehicle loan funds to a third party.

The newly enacted ‘Affiliate Service Company Selection and Management Guidelines’ prevents arbitrary decisions on affiliates and establishes and evaluates basic qualification criteria for companies. We plan to strengthen budget execution control and check the status of fund execution for cases where routine audits are not carried out among affiliate service consignment contracts.

The ‘Financial Accident Prevention Guidelines Standard’, which was established to improve the effectiveness of financial accident prevention, stipulates high-risk work that requires separation of duties and introduces work procedures such as prohibiting continuous employment in the same department for more than 5 years. In addition, PF loan management will be strengthened by requiring loans to be sent to pre-registered designated accounts during project financing (PF) projects and regularly checking the appropriateness of changes to withdrawal information. Unlike other best practices that were already implemented last month, the ‘Financial Accident Prevention Guidelines Standard Draft’ was enacted on the 24th of this month and will take effect on the 26th.

An official from the Financial Supervisory Service said, “Following the implementation of this model standard, each female company plans to develop a computer system related to the standard and improve its internal regulations.” He added, “The authorities plan to strengthen internal control training and check the implementation status through the Credit Finance Association.” explained.

Financial Supervisory Service

[촬영 이충원]

[email protected]

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This article was published at 06:00 on the Infomax financial information terminal.