The Financial Services Commission and the Financial Supervisory Service said on the 14th they will conduct a pilot program so that large specialized credit finance companies and savings banks can introduce and operate an internal control management system based on a responsibility map at an early stage.
Large specialized credit finance companies and savings banks that wish to take part in the pilot operation of the responsibility map may submit their responsibility maps to the Financial Supervisory Service (FSS) by Apr. 10 after board approval. From the date of submission until Jul. 2, they may conduct the pilot by implementing management measures such as internal controls.
The financial authorities will grant incentives to financial companies participating in the pilot. The Financial Supervisory Service (FSS) plans to provide consulting during the pilot period, including reviews and advice on the responsibility maps submitted by financial companies.
Also, during the pilot period, they will not seek liability under the Corporate Governance Act even if management obligations such as internal controls are not carried out perfectly. If, in the course of piloting the internal control management system based on the responsibility map, a company self-detects and corrects violations of laws by its officers or employees, related sanctions will be reduced or waived.
The financial authorities plan to use the pilot to help ensure that the new responsibility map system takes root stably.