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[Apha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service has instructed the banking sector to self-inspect internal control deficiencies that have been cited as the cause of embezzlement and corruption accidents. The Financial Supervisory Service came up with measures to improve the inspection, saying it revealed some deficiencies.
The Financial Supervisory Service announced the results of its internal control inspection of banks to prevent accidents on the 12th. The Financial Supervisory Service plans to check the implementation of quarterly internal control innovation so that banks' internal control can operate effectively in the future. In the case of management evaluation, the internal control sector is separately separated and the evaluation ratio is expanded to encourage banks to strengthen their voluntary inspections.
In August, the FSS instructed 19 local banks to submit the results of their internal inspections and improvement plans after an embezzlement incident worth about 300 billion won at BNK Kyongnam Bank was revealed. Self-inspection items include △ Status of implementation of internal control innovation measures △ signs of accidents in real estate project financing (PF) fund management △ adequacy of overall internal control to prevent accidents.
The Financial Supervisory Service also checks the implementation of internal control improvement plans prepared by banks every quarter. It plans to spread best practices such as conducting unexpected command leave to branch managers and conducting special audits to other banks to further upgrade the internal control system.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
