KB Insurance announced on August 16 that it is implementing a Fair Trade Compliance Program (CP) to enhance its internal control system.
The company held a launch ceremony for the CP on August 13 at its headquarters in Yeoksam-dong, Gangnam, Seoul. The CP is an internal compliance system that provides employees with guidelines on fair trade practices and aims to prevent violations of related laws.
KB Insurance plans to apply the CP across all business areas, including product development and sales, subcontracting and outsourcing management, and inter-company transactions. This initiative aims to proactively manage risks related to fair trade by integrating it with the existing internal control system.
The company will also enhance its fair trade risk assessment framework. It will verify the fairness of insurance terms and advertising in advance and will conduct ongoing checks in high-risk areas, such as managing agency commissions and compliance with subcontracting laws for IT and claims adjustment outsourcing.
The CEO has granted the compliance manager, reporting directly to him, independent authority for investigations and corrections. A commitment to practice the CP has also been made by all employees.
A KB Insurance representative stated, “By combining our existing internal control capabilities with the Fair Trade Compliance Program, we aim to enhance risk management effectiveness and establish a culture of fair competition.”
* This article has been translated by AI.
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