Busan Port Authority Launches Pilot Operation of Internal Control System

Strengthening Proactive Risk Management
Development of 73 Risk Profiles

Busan Port Authority is establishing a risk management system focused on proactive prevention and strengthening its internal controls.

Busan Port Authority announced on March 5 that, in order to enhance management accountability and transparency as a public institution, it will establish a risk management system centered on preventive measures and begin a pilot operation of its internal control system starting this month.

This pilot operation is an institutional implementation of President Song Sanggeun's management philosophy, which has emphasized proactive risk management. The authority has updated its operational system by incorporating the Board of Audit and Inspection's internal control guidelines for the public sector.

In particular, the authority conducted a comprehensive review of its operations to identify potential risk factors and derived a total of 73 risk profiles. In addition, a self-assessment tool was developed to inspect these risks, thereby establishing a prevention-oriented risk management foundation.

Based on this, the authority plans to further strengthen top management leadership and advance its strategic decision-making structure, continually developing an enterprise-wide risk management system. In addition, it aims to establish a responsibility management culture centered on department heads and expand the autonomous participation of practitioners to enhance the organization’s overall risk response capabilities.

Previously, at the end of February, the authority finalized its operational plans through a comprehensive review by the Internal Control Working-Level Council and a deliberation and resolution by the Internal Control Committee. The six-month pilot operation will run through August, after which the results will be analyzed. Beginning in September, the authority plans to initiate a second phase to further advance the system. Through this process, it aims to develop internal control into a substantive management system organically linked to its business strategy.

President Song Sanggeun stated, "Risks must be managed proactively during the decision-making process," adding, "Top management will take the lead in embedding internal control across all aspects of management, and we will foster a culture of responsible management in which all employees participate together."

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