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[Apha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service will strengthen internal control of financial complex business groups such as Samsung and Hyundai Motor.
The financial complex business group is a business group with more than KRW 5 trillion in assets while operating two or more financial companies. In the event of an accident or insolvency due to lack of internal control in a financial complex business group, risks may spread not only to financial consumers but also to the entire group. Accordingly, the FSS plans to prepare and apply a separate standard for internal control standards that can be applied to financial complex business groups.
According to the Financial Supervisory Service on the 25th, supervisory authorities have signed a research service contract with Deloitte Anjin Accounting Corp. to draw up a standard for internal control standards for financial complex business groups. Anjin Accounting Corporation is scheduled to complete its research service by the end of October.
The financial complex business group system is designed to lower the risk of financial groups that are likely to suffer insolvency and protect financial consumers because they are not financial holding companies.
Currently, seven groups, including Samsung, Hanwha, Kyobo, Mirae Asset, Hyundai Motor, DB, and Dowkium, belong to the financial complex business group.
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