[2021 National Audit] Ko Seung-beom "Establishing a System for Effective Operation of Internal Controls in Financial Companies"

National Assembly Political Affairs Committee Financial Services Commission Audit

Financial Services Commission Chairman Ko Seung-beom is answering questions from the press after the meeting between the Financial Services Commission Chairman and Financial Holding Company Presidents held at the Korea Federation of Banks in Jung-gu, Seoul on the 10th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jin-ho Kim] Ko Seung-beom, Chairman of the Financial Services Commission, stated on the 6th, "We are reviewing the establishment of a system to ensure that internal control systems in the financial sector operate effectively."

Chairman Ko made this remark during the National Assembly's Financial Services Commission audit by the Political Affairs Committee, responding to a question from Oh Ki-hyung, a member of the Democratic Party of Korea, asking whether the current internal control system is adequate.

Chairman Ko said, "Financial companies have internal control systems in place, but it is important that they function effectively," adding, "We plan to prepare measures including clarifying the concept of internal control."

Regarding the first trial ruling on the derivative-linked fund (DLF) lawsuit involving Sohn Tae-seung, Chairman of Woori Financial Group, he explained, "The Financial Supervisory Service imposed sanctions, but the court's judgment was different," and added, "There are other sanctions pending, so we are reviewing the matter comprehensively."

Earlier, on August 27, the 11th Administrative Division of the Seoul Administrative Court ruled in the first trial of Sohn's lawsuit against the Financial Supervisory Service to cancel the disciplinary warning issued to Sohn by the FSS. The court judged that disciplining management due to poor performance was excessive. The FSS recently decided to appeal the court's ruling.

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