The Industrial Bank of Korea completed the formation of the 'IBK Innovation Committee' on the 31st of last month and announced on the 1st that it appointed Professor Jeong Soon-seob of Seoul National University School of Law as the Chairperson.
The Innovation Committee held its first meeting in the afternoon and began discussions on the reform direction for the Industrial Bank of Korea's business processes, internal controls, and organizational culture. The committee will include three external experts as well as internal members, including the compliance officer and the vice president in charge of management strategy. Professor Jeong was appointed as the Chairperson, while lawyer Song Chang-young and Professor Kim Woo-jin of Seoul National University were appointed as external members. The Industrial Bank of Korea noted that the committee plans to carry out a high-intensity reform of the bank's operations.
Additionally, the Industrial Bank of Korea introduced a system on the 28th of last month for receiving insider reports through external channels to enhance the activation of the insider reporting system and to prevent financial accidents. With the introduction of this system, bank employees can access external channels via the social compliance platform 'K-Whistle' site or QR codes to report internal misconduct to designated personnel in the compliance support department without fear of personal information leakage. The compliance support department can also notify anonymous reporters of the results through this channel.
The Industrial Bank of Korea plans to improve the insider reporting system to allow not only incumbent employees but also former employees and outsiders to report illegal or unfair activities, as well as to strengthen the protection of informants by fundamentally blocking adverse effects they may face, enabling free internal and external reporting.