Shinhyup Central Association, Organizational Restructuring to 'Strengthen Internal Control Functions'

The National Credit Union Federation of Korea (NACUFOK) announced on the 24th that it has carried out an organizational restructuring to strengthen its internal control functions.

First, NACUFOK established a Compliance Support Team under the Compliance Support Division. Composed of professionals such as lawyers, this team assists the compliance officer who inspects and investigates adherence to NACUFOK’s internal control standards.

Additionally, the role of IT internal auditor was placed directly under the Director of Digital Finance to enhance the independence of internal audits.

Support tasks for cooperatives focused on improving efficiency and the sustainable growth of special cooperatives. Management consulting, previously targeted at agricultural and small-sized cooperatives, has been expanded to workplace cooperatives to help smaller cooperatives develop in balance with the overall cooperatives.

Furthermore, an Organizational Culture Innovation Promotion Team was established under the Managing Director to handle reports related to workplace harassment, sexual harassment, and unfair hiring, as well as consultations and education related to labor laws. The head of the Organizational Culture Innovation Promotion Team is Kang Hyung-min, Head of NACUFOK’s Management Support Headquarters.

Kim Yoon-sik, Chairman of NACUFOK, stated, "This organizational restructuring is the result of efforts to strengthen the expertise of internal control in response to changes in the financial environment and to consider the balanced development of all cooperatives and the sustainability of special cooperatives. We will establish an advanced organizational culture and create a robust financial consumer protection system."

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