Finance
No exceptions to accountability as savings banks adopt accountability maps
Korea’s savings banks are being brought into a system of accountability maps that define each executive’s responsibilities and internal control duties. Savings banks with assets of 700 billion won or more must submit and adopt the maps by July 2. The Financial Supervisory Service carried out prior consulting with 52 firms and cited cases needing improvement in how duties are allocated. The industry expects few problems meeting the deadline, while noting added documentation burdens.
