Shinhan Bank Conducts Korea's First Tri-party Human Rights Impact Assessment Among Commercial Banks

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 14th that it has established an internal human rights management system and conducted the first third-party human rights impact assessment among domestic commercial banks to strengthen human rights management.

Considering the increasing need to identify human rights risks and manage them systematically due to the recent strengthening of domestic and international human rights regulations, Shinhan Bank has been carrying out a human rights management system establishment project since March in collaboration with the global consulting firm ERM KOREA. Accordingly, Shinhan Bank developed human rights management system guidelines covering all aspects of human rights management, including ▲human rights policy ▲human rights management organization ▲human rights violation remedy procedures ▲human rights impact assessment, and established an optimized human rights management system for Shinhan Bank by reflecting the core contents of various international initiatives.

Based on the establishment of the human rights management system, Shinhan Bank conducted the first third-party human rights impact assessment among domestic commercial banks and confirmed that it possesses a high-level human rights management system. The third-party human rights impact assessment was conducted in nine areas including working hours, environmental rights protection, humane treatment, and industrial safety and health of Shinhan Bank, based on the human rights impact assessment checklist from the Ministry of Justice and the National Human Rights Commission, as well as domestic labor laws, under the supervision of DNV KOREA, a global inspection and certification body.

A Shinhan Bank official stated, "Through the establishment of the human rights management system and the third-party human rights impact assessment, we have transparently disclosed Shinhan Bank’s human rights management to stakeholders and strengthened communication with them," adding, "We will continue to advance a systematic human rights management system to protect human rights and develop into a bank trusted by customers."

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