Lotte Chemical Obtains Global Compliance Management System Certification

Global Standard-Compliant Compliance Management Policy
Recognition for Establishing and Operating Risk Management System
Kim Gyo-hyun "Expanding a Trusted Compliance Management Culture"

On the 5th, at the Lotte Chemical Compliance Management System Certification Award Ceremony, Kim Gyo-hyun, Vice Chairman and CEO of Lotte Chemical (left), and Hwang Eun-joo, CEO of Korea Management Registrar (KMR), are posing for a commemorative photo. Photo by Lotte Chemical

[Asia Economy Reporter Choi Seoyun] Lotte Chemical announced on the 5th that it has obtained the ISO 37301 certification, an international standard for compliance management systems, from the accredited certification body Korea Management Certification Institute.

ISO 37301 is an international standard related to compliance management established by the International Organization for Standardization (ISO) in April last year. It is a global certification awarded after evaluating whether a company has a systematic compliance management policy and risk management system capable of responding to legal risks in corporate management.

Lotte Chemical established a Compliance Team within the Compliance Management Office directly under the CEO in 2018, and in 2019, it became the first domestic petrochemical company to obtain the ISO 37001 certification, an international standard for anti-corruption management systems, operating an industry-leading compliance management system.

Prior to obtaining this certification, Lotte Chemical conducted company-wide activities such as diagnosing and evaluating compliance management risks by department, inspecting compliance management system processes, selecting and operating internal auditors, expanding employee training, and promoting campaigns.

Kim Kyohyun, Vice Chairman and CEO of Lotte Chemical, said, "Obtaining the ISO 37301 certification is the result of our commitment and efforts toward compliance management that meets global standards," adding, "We will expand a compliance management culture trusted by employees and stakeholders to establish a foundation for sustainable corporate growth."