內部統制業務 關聯 遵法監視人의 地位

A compliance officer was introduced along with the internal control system in accordance with the amendments to the Banking Act and other laws relating to financial services since the financial and currency crisis in Korea. As a result, banks, securities corporates, insurance companies and other financial institutions must stipulate a internal control standard and appoint a compliance officer. A internal control system in Korea is similar to COSO Framework. Generally an internal control is a process to provide resonable assurance regarding the effectiveness and efficiency of operations, the reliability of financial reporting, and compliance with corporate policies and legal rules. An internal control consists of five components, which are control environment, risk assessment, control activities, information and communication, and monitoring. The compliance officer is charged with the establishment of compliance system for compliance with corporate laws and legal rules. The compliance officer is elected by the corporate board. In order to be provided for an effective and efficient operation of the compliance program, some of the misunderstanding and confusion on the real function of compliance officer must be removed. It seems that most of the criticisms result from misunderstanding of the function of the compliance officer. It is necessary to make a distinction between the role of audit committee (or auditor) and that of compliance officer.