[2023 Financial Forum] Kim Ju-hyun, Financial Services Commission Chairman, "Autonomous Internal Control is Important, Must Become Organizational Culture"

The 12th Seoul Asia Financial Forum Held
'Desirable Financial Company Governance and Internal Control Systems'

Kim Ju-hyun, Chairman of the Financial Services Commission, is delivering a congratulatory speech at the 12th Seoul Asia Financial Forum held on the 25th at the Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Kim Juhyun, Chairman of the Financial Services Commission, stated, "As the financial industry develops, financial transactions have become more complex and diverse, making it increasingly difficult for financial companies to prevent financial accidents and maintain sound management." He emphasized, "While external regulations are necessary, above all, it is crucial for financial companies themselves to autonomously identify and address potential risks that threaten sound management."

On the 25th, at the Westin Chosun Hotel in Sogong-dong, Seoul, during the congratulatory speech at the 12th Seoul Asia Financial Forum held under the theme "Desirable Financial Company Governance and Internal Control Systems," Chairman Kim said, "In that sense, the theme of this forum is timely and meaningful." He conveyed, "Mike Krzyzewski, the legendary basketball coach of Duke University in the United States, emphasized that a team can only develop when players themselves uphold a high standard of conduct rather than following uniform discipline."

He added, "If financial companies regard internal control merely as a regulatory cost imposed externally and perceive it as a cumbersome rule, internal control will not be able to perform its original function." He stated, "Internal control must be a management strategy and organizational culture of financial companies that protects their reputation and profits in the long term."

He continued, "The government has also been listening to experts and financial companies through the Institutional Improvement Task Force, and based on this, plans to announce measures to enhance the effectiveness of internal control soon."

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