금융투자 회사 컴플라이언스 프로그램의 운영 현황 및 개선 방안에 관한 연구

The purpose of this study is to capture the current status of compliance programs in domestic investment banks. This study also aims to compare domestic and foreign requirements of compliance programs and find out areas to improve for their effective operation. One of the characteristics of Korean compliance system is that it was implemented to every domestic investment bank at once by the initiative of the government and regulatory organizations. Therefore, Korean investment banks regard compliance system as another regulatory burden, and tend to meet minimum legal requirements. Korean Capital Market Law simply requires to set up an internal control standard and appoint a compliance officer without providing any guidelines for effective operation of the compliance program. It makes much room to improve its system and implementation. Federal Sentencing Guideline for Organization, acting to underline American compliance program, provides minimum requirements to operate the compliance program effectively. It makes much more difficult for American firms to meet compliance requirements than Korean firms to do. In this study, I will show the relations of compliance and various similar concepts. I will also argue that Korean compliance system has structural limitations that result in ineffectiveness. Then, I will suggest a way to improve the system in terms of institution and operation. If the gaps between the elements of the effective compliance program and the current status of the compliance program in domestic financial institutions are identified, legislative and regulatory organizations can use them as bases to set up the direction for improvement. In addition, financial institutions are also expected to have a momentum to develop their compliance program toward a really value-adding one to their organization rather than ‘paper compliance’ that just meets formal requirements of the law.