[2022 National Audit] Kim Juhyun, Financial Services Commission Chairman, "Incentives Should Be Given if Bank Employees Comply with Internal Controls"

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[Asia Economy Reporter Sim Nayoung] Kim Juhyun, Chairman of the Financial Services Commission, emphasized the need to "provide incentives to financial company employees so that they can strictly adhere to internal controls" regarding the embezzlement incidents involving employees at commercial banks this year. He also stated, "It is necessary to have measures that focus on internal controls when supervisory authorities conduct investigations."

Chairman Kim made these remarks on the 6th during the National Assembly's Finance and Economy Committee's audit, responding to Democratic Party lawmaker Kim Hangyu's criticism that the current internal control system of financial authorities alone cannot prevent such incidents.

When Lawmaker Kim suggested, "Employees who comply well with internal controls should be rewarded, and those who do not should be strictly punished," Chairman Kim responded, "I agree that an incentive structure related to internal controls should be established."

On the same day, Lawmaker Kim pointed out, "The Financial Services Commission has been creating improvement plans for financial companies' internal control systems roughly every four years," adding, "Internal control task forces are also formed each time an incident occurs. Ultimately, it is impossible to prevent financial accidents with the current internal controls alone. A new system must be created."

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