Lee Seok-jun, Chairman of NongHyup Financial, "Need to Strengthen Autonomous Internal Control"

NongHyup Financial Group Holds 2nd Compliance Monitoring Council Meeting

NH Nonghyup Financial Group announced on the 19th that it held its second Compliance Monitoring Council this year to strengthen internal controls.

Lee Seok-jun, Chairman of NH Nonghyup Financial Group (sixth from the left), and compliance officers from each affiliate are posing for a commemorative photo at the "2023 2nd Compliance Monitoring Council" held on the 18th at the headquarters in Jung-gu, Seoul. Photo by NH Nonghyup Financial Group

The meeting, held on the 18th at the headquarters in Jung-gu, Seoul, was organized to urge internal control officers of affiliates to reinforce internal controls and to establish a sound business culture in response to recent consecutive financial accidents.

Presided over by Lee Seok-jun, Chairman of Nonghyup Financial Group, about 10 participants including compliance officers from affiliates attended. They reviewed Nonghyup Financial's internal control activities in the first half of the year and shared plans for internal control activities in the second half.

They discussed the financial authorities' policy direction demanding stronger internal controls in financial companies and exchanged opinions on Nonghyup Financial's internal control innovation measures, including the introduction of a responsibility structure specifying roles and responsibilities for each executive.

At the meeting, Chairman Lee emphasized the strengthening of voluntary internal controls. He stated, “The best way to gain trust and confidence from consumers is not involuntary and passive internal controls imposed by supervisory authorities, but the voluntary and proactive strengthening of internal controls by financial companies. Especially in the era of Big Blur and financial innovation, where the boundaries between financial and non-financial sectors are becoming blurred, the level of internal control in financial companies will inevitably become an important criterion for consumers' choices.”

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