Lee Bok-hyun: "Learning from Financial Accidents, FSC Must Become a Model Institution for Internal Control"

2024 Anti-Corruption and Integrity Workshop 개최

A meeting between Lee Bok-hyun, Governor of the Financial Supervisory Service, and bank presidents was held on the 10th at the Bankers' Hall in Myeong-dong, Seoul. Governor Lee is seen talking with Lee Seok-yong, President of NH Nonghyup Bank, before the meeting started. Photo by Heo Young-han younghan@

"In light of recent large-scale embezzlements and other financial accidents at financial companies, the Financial Supervisory Service (FSS) must build an organizational culture itself to ensure that internal control functions operate effectively."

On the 10th, Lee Bok-hyun, Governor of the Financial Supervisory Service, held the '2024 Anti-Corruption and Integrity Workshop' at the FSS headquarters in Yeouido, Seoul, with all department heads and senior officials in attendance, emphasizing this point. This workshop is the second since last year, when Governor Lee first held it to expand the commitment to anti-corruption and integrity and to emphasize senior officials' leading by example.

Governor Lee stated, "As the role of the FSS has become more prominent than ever in the current economic and financial situation, the public expects a higher level of ethical awareness and fair job performance from the FSS, requiring even stricter internal controls. The FSS must establish itself as a model institution for internal control to carry out its supervisory role without wavering."

He especially urged that internal control functions operate effectively. Governor Lee said, "Recent financial accidents such as large-scale embezzlements and incomplete sales at financial companies stem from the complacent awareness of executives and employees regarding integrity and fairness, which paralyzed internal control functions. We must take these as lessons and build a transparent and fair organizational culture to ensure internal control functions operate effectively."

During the workshop session, Kim Hyung-guk, a director from the Anti-Corruption and Civil Rights Commission, lectured on key points of the code of conduct including prohibition of power abuse, the Improper Solicitation and Graft Act, and the Conflict of Interest Prevention Act. Following this, the FSS Inspection Office presented the progress of this year's anti-corruption promotion plan and discussed directions for improvement.