Internal Audit Policy

The Bank’s Internal Audit Division, independently of all the business units, examines and evaluates objectively whether internal control systems of the Group function properly and effectively, and offers recommendations for improvement.

The Internal audit is conducted in line with the audit plan, which is formulated according to the Annual Internal Audit Plan approved by the Management Committee and the Board of Directors each fiscal year. In formulating the audit plan, we consider the frequency and intensity of an audit depending on the type and degree of inherent risk within each business unit and the status of internal controls. The Bank also conducts system audits and cross-sectional target audits considering the importance of risk management.

The Internal Audit Division reports directly to the Chief Executive Officer. It presents audit results to the Management Committee monthly, as well as summary of audits directly to the Audit & Compliance Committee and the Board of Directors semi-annually, providing an independent assessment of the internal control. Furthermore, the Internal Audit Division cooperates with Audit & Supervisory Board Members, ASB and financial Auditor, by directly exchanging information and opinions, including audit report, for achievement of audit purposes.

As an initiative to raise the expertise of auditors, the Internal Audit Division sends its staff members to external seminars and encourages them to obtain professional certifications such as Certified Internal Auditor (CIA) and Certified Information System Auditor (CISA). The Bank’s internal audit is conducted on the risk basis in conformity with IIA's (Institute of Internal Auditors) international standards. In addition to the continuous internal quality assessment, Internal Audit Division periodically receives an external quality assessment by a third-party institution to further enhance our audit standards and capabilities.

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