Min E&I, an IT-based corporate risk management company, said on Jan. 22 it signed an exclusive distribution agreement with B2B software distributor STK for its fund incident prevention system GOTCHOO.

Under the deal, STK will handle distribution, sales and development of a sales network for GOTCHOO. Min E&I will be responsible for product development and supply, as well as technical support.

The company said GOTCHOO detects transactions suspected of fund-related incidents such as embezzlement and breach of trust involving corporate funds. It monitors company information and financial transaction details through various channels including banks, credit card companies, the National Tax Service and the four major social insurance programs. It identifies abnormal transactions by applying algorithms developed by experts based on real cases.

For detected suspicious transactions, it immediately sends alert messages to the mobile phones of the chief executive or audit officer. The company said this supports strengthening internal controls through real-time detection.

The company said GOTCHOO is designed to directly collect and analyse transaction histories, making it impossible to conceal wrongdoing through system manipulation or document forgery. It added that the program and data are installed and stored only on the company’s internal computers, minimising the risk of external leakage.

Min E&I CEO Ki-tae Park (박기태) said, "Just as theft crimes dropped markedly after the spread of CCTV, I expect that if GOTCHOO spreads across corporate sites, fund-related incidents such as embezzlement and breach of trust will be eradicated." He said, "With this exclusive distribution agreement with STK as a turning point, we will help more companies, from mid-sized and small firms to listed companies, establish a proactive internal control system."