"Zero Tolerance for Financial Accidents" BNK Bindaein Initiates Internal Control Reassessment

Bin Dae-in, Chairman of BNK Financial Group, has declared a ‘zero tolerance’ policy in the event of financial accidents recurrence and has initiated efforts to strengthen and reexamine the internal control system.

According to the financial sector on the 12th, Chairman Bin recently carried out a surprise group-wide mid-year personnel reshuffle reflecting the first half performance and internal control inspection results, and urged all group employees to prevent financial accidents and to foster compliance and ethical awareness.

Chairman Bin mentioned ▲a shift in awareness toward preventing financial accidents and a comprehensive reexamination of the group’s internal controls ▲emphasis on proper management based on mature and rational ownership ▲establishment of a rational decision-making process among members based on trust.

Chairman Bin emphasized the shift in awareness regarding financial accident prevention, stating, “Financial accidents are a critical issue that shakes the foundation of the organization, and in case of recurrence, strict measures without exception will be taken regardless of rank or position,” and added, “The philosophy of ‘rightness’ must be ingrained throughout the work and organizational culture.”

He continued, “Internal conflicts arising at a crucial time when we must overcome a crisis can give external stakeholders cause for concern and distrust,” and said, “It is important for employees to make efforts and maintain an attitude to resolve problems based on mature and rational ownership among themselves.”

Chairman Bin also said, “Trust is a very important value not only in relationships with customers but also within the organization’s work and among members,” and added, “Let us create a system where rational decision-making can be made based on a harmonious trust relationship among members.”

Meanwhile, reflecting the emphasized management philosophy, BNK Financial Group identified ‘strengthening internal controls,’ ‘trust-based proper management,’ and ‘risk management’ as the core keywords for the group’s strategic direction in the second half of the year.

BNK Financial has been operating a ‘Group Internal Control Strengthening Task Force (TF)’ led by the holding company since last year to strengthen and improve internal controls. Through external consulting on ‘BNK Financial Internal Control Level Diagnosis,’ a company-wide assessment was conducted on the group’s internal control common areas such as compliance monitoring, anti-money laundering, and financial consumer protection, identifying vulnerabilities and innovation tasks. Separately, external consulting is also underway for the ‘Group Centralized Internal Control Management System Establishment’ aimed at zero financial accidents and establishing standardized internal control management standards for the group.

A BNK Financial official stated, “While financial performance is of course important, regardless of content and scale, we will now focus all efforts on preventing financial accidents, as social evaluation has become far more stringent compared to the past.”