(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Sangjin] In the future, not only executives and employees of financial companies but also executives from other companies who exert substantial influence over responsibilities will be assigned accountability for internal controls and other related duties. If senior and junior executives have overlapping responsibilities, the accountability will be assigned to the senior executive, and the junior executive will not be held accountable.

The financial authorities announced these details in the revised "Guide to Governance Regulations, Including Responsibility Structure" on July 2nd. This guide addresses inquiries from the financial sector ahead of the enforcement of the revised governance regulations on July 3rd.

The authorities emphasized that accountability refers to the responsibility for executing and managing internal controls and risk management concerning matters that financial companies or their executives and employees must comply with under financial regulations, distinguishing it from general job duties.

To enhance the predictability and transparency of internal control sanctions, the financial authorities plan to release "Operational Guidelines for Sanctions on Violations of Internal Control Duties." They are also considering implementing a trial period and providing incentives to encourage the early adoption and operation of the responsibility structure within the financial sector.

 

 

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