KPMG carries out various types of projects with the purpose of conforming compliance and internal control system of the standard of financial institutions.. KPMG promises to provide the essential information clients require in a timely manner through an effective control system that meets the standard of quality expected by our clients.  

 

Internal Control

Still relying on the traditional existing internal controls, the majority of financial institutions have yet to find a solution to aggressively respond to financial incidents that have become more diversified, massive, audacious and elaborate. An effective internal control is capable of removing the anxiety caused by potential financial incidents, and to provide a sound business environment to enhance the competitive operation.

The strengthening of the internal controls should be designed in consideration of both the efficiency and the effectiveness of operation concurrently.  In addition, it should be focused on the improvement of not only just the process-level but also at the company-level with an eye also on the overall organization, performance etc.

Based on the various experiences of structuring the internal control for financial institutions, KPMG is able to directly address, “what are the proper internal control models which can avoid the weakness of operation”, and offers a solution to what all the financial institutions desire which is to build an internal control model that is deeply embedded in the company, and not simply just managing controls. 

 

Anti-Money Laundering

Currently, the reporting entities such as financial institutions, etc. have been adopting and operating core systems to mitigate anti-money laundering such as Know Your Customer (KYC), Currency Transaction Report (CTR) and  Suspicious Transaction Report (STR) in accordance with ”Act on, and the use of  Specific Financial Transaction Information”. 

For anti-money laundering, the Finance Action Task Force on Money Laundering promulgated the guidelines of a risk-based approach for financial institutions to follow as a core requirement to mitigate money laundering and presented the standard to identify and evaluate possible money laundering of financial institutions in each country in addition to terrorist financing risk.

Samjong KPMG provides a diverse range of anti-money laundering services for financial institutions in support of compliance with the relevant anti-money laundering regulations based on the most service experience with various financial institutions and also regulators such as Korea Financial Intelligence Unit (KoIFU) and Financial Supervisory Service (FSS). The specialized services offered are as follows: 

• Ÿ AML Due Diligence

• Ÿ  AML Audit (The 3rd party audit)

• Ÿ  AML Transaction Monitoring System

• Ÿ  AML Risk Assessment

• Ÿ  AML Diagnosis and Improvement

• Ÿ  AML Training
  

 

Business Continuity Plan

Unexpected events such as a sudden crisis in the business environment, natural disasters, IT disasters, etc. can paralyze and debilitate a company. Therefore, corporations need to have contingencies in place to manage and sustain the business operations in such circumstances. 

Business Continuity Plan (BCP) defines the essential target area under the BCP system and systematically coordinates with the management process in order for risk management, taking the proper countermeasures for these crises. Samjong KPMG provides consulting service for development of BCP system as follows:

• BIA (Business Impact Analysis): Prioritize the recovery for business disruption.

• RA (Risk Assessment): Evaluate and prioritize the risk factors causing the business disruption.

• BCP Strategy Plan: Establish the strategies of human resources, alternative sites, IT for business recovery.

• BCP Plan Established: Corporate-level or department-level manuals for business recovery.

• Simulation Training: Recovery training and continuous improvement.

• BCP Certification Supporting: ISO22301 Certification Support

• BCP System Set-up Support: System set-up support for BCP management.

 

Compliance Monitoring

Compliance Monitoring System is a key component of monitoring employee’s compliance requirement. It could be defined as a pre-alert system that identifies the issues and prevents the likelihood of accidents that may disrupt the business process in each department or headquarters.

An effective Compliance Monitoring System has a direct effect on minimizing tangible and intangible losses by preventing incidents and deficiencies through early removal and increasing the enterprise revenue in the mid- and long-term. On the other hand, indirectly, the reputation of the organization will be enhanced by reducing the motivation of employees to commit fraud while simultaneously implementing proactive countermeasures.

In addition, it is possible to achieve a more advanced monitoring environment framework in conjunction with a variety of anti-fraud programs and the existing continuous control monitoring system. Also through this, it can help to realize more effective and well-balanced management system.

The Compliance Monitoring System provided by KPMG prevents incidents of non-compliance through employee monitoring in accordance with relevant laws.