A Study on Compliance Officer System in Korean Financial Institutions
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A compliance officer was introduced as a standing position of financial institutions after the Asian Financial Crisis to improve corporate governance and enhance transparency of business management. As the Banking Act was amended on January 21, 2000, an article on internal control standards was newly established and it mandated banks to appoint compliance officers. It has been about 15 years since the compliance officer system was introduced in Korea. Now the system has almost settled and the Korean Commercial Act also introduced a compliance assistant system in listed companies. Therefore, to successfully settle the compliance officer system in place, the following improvement plans shall be sought. Above all, the management as well as CEO should take a new perspective for significance of internal control. Secondly, the status of compliance officer has to be raised in order for compliance (control) business to be performed effectively. Thirdly, independence of compliance officers should be guaranteed. The fourth is, a efficient link between business of compliance officers and that of audit committee. Lastly, a compliance officer shall be granted with proper position and authority to understand the company’s business thoroughly because he/she is responsible for compliance with laws and regulations in the company’s general business performance. If the management, executives, and employees of financial institutions voluntarily and actively establish, operate and settle an internal system, it is expected to make significant contribution to improving internal/external credit rating and eliminating risks.
Abstract
A compliance officer was introduced as a standing position of financial institutions after the Asian Financial Crisis to improve corporate governance and enhance transparency of business management. As the Banking Act was amended on January 21, 2000, an article on internal control standards was newly established and it mandated banks to appoint compliance officers. It has been about 15 years since the compliance officer system was introduced in Korea. Now the system has almost settled and the Korean Commercial Act also introduced a compliance assistant system in listed companies. Therefore, to successfully settle the compliance officer system in place, the following improvement plans shall be sought. Above all, the management as well as CEO should take a new perspective for significance of internal control. Secondly, the status of compliance officer has to be raised in order for compliance (control) business to be performed effectively. Thirdly, independence of compliance officers should be guaranteed. The fourth is, a efficient link between business of compliance officers and that of audit committee. Lastly, a compliance officer shall be granted with proper position and authority to understand the company’s business thoroughly because he/she is responsible for compliance with laws and regulations in the company’s general business performance. If the management, executives, and employees of financial institutions voluntarily and actively establish, operate and settle an internal system, it is expected to make significant contribution to improving internal/external credit rating and eliminating risks.
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