Financial Authorities Establish New Training Program for Executives and Employees of Financial Conglomerates

Online Training for 134 Employees of 46 Financial Companies

[Asia Economy Reporter Kim Jin-ho] Financial authorities have established an 'online education' course for executives and employees of financial companies belonging to financial conglomerates. This is in preparation for the Financial Conglomerates Act, which will be enforced on the 30th.

According to the Financial Services Commission on the 10th, 134 executives and employees from 46 financial companies within six financial conglomerates will undergo training online by the 18th.

Hosted by the Korea Institute of Finance, this training will be conducted remotely in consideration of the COVID-19 situation. The curriculum includes the Financial Conglomerates Act and regulations, as well as ▲capital adequacy standards ▲risk management evaluation case studies ▲precautions when preparing business reports and disclosure contents ▲risk management cases.

Based on a prior needs survey, financial authorities' officials will provide detailed education focusing on topics employees want to know. A Q&A session involving financial authorities will also be arranged to address any additional inquiries.

A Financial Services Commission official stated, "We expect this to be an opportunity not only for the representative financial companies but also for other affiliated financial companies to understand the system and communicate with financial authorities."

The Financial Services Commission plans to maintain thorough communication with financial companies starting with this training to ensure there is no confusion during the enforcement of the Financial Conglomerates Act.

To this end, the enforcement decree and supervisory regulations of the Financial Conglomerates Act will be promptly communicated to financial conglomerates once finalized. Additionally, they plan to hold meetings with financial companies belonging to financial conglomerates to listen to difficulties and actively exchange opinions.

This content was produced with the assistance of AI translation services.