Banking, Insurance, and Securities Association Heads Gather to Discuss Internal Control Improvement Issues

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] Heads of financial sector associations including banks, insurance, and securities gathered to discuss improvements to internal control systems.

On the 1st, according to the financial sector, Kim Kwang-soo, Chairman of the Korea Federation of Banks, Jung Hee-soo, Chairman of the Life Insurance Association, and Na Jae-cheol, Chairman of the Korea Financial Investment Association, among other financial sector association heads, met at the Korea Federation of Banks during the Financial Industry Development Council meeting to share opinions on the pressing issue of improving internal control systems in the financial sector.

A financial sector official explained, "Since this meeting takes place roughly every two months, the conversation naturally shifted to the news that Sohn Tae-seung, Chairman of Woori Financial Group, won the lawsuit to cancel the heavy disciplinary action related to the overseas interest rate-linked derivative-linked fund (DLF), and there were various discussions about improving internal control systems. The authorities said that once the lawsuit concludes, they would take follow-up measures related to improving internal control systems, so related discussions took place."

The banking sector is dissatisfied with imposing sanctions on financial company CEOs for insufficient internal controls. Since the banking sector has already established standards related to internal controls and begun implementation, they hold the position that legal amendments should be made to prevent authorities from directly imposing sanctions on individual financial company CEOs.

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