S. Korea’s JB Financial Group obtains ISO 37001 certification for anti-bribery management

South Korea’s JB Financial Group Co. received ISO 37001 certification from the British Standards Institution for its anti-bribery management system, the company said Monday.

ISO 37001, a standard developed by International Organization for Standardization (ISO), identifies a management standard to help organizations to prevent, detect and tackle bribery through the implementation of anti-bribery and corruption policy. British Standards Institution is a national standards body of the United Kingdom established in 1901. It had published BS 10500 Anti-bribery Management System prior to ISO 37001.

JB Financial Group is the first Korean financial holding company to receive such certification from the British Standards Institution, the company claimed.

“Ethical management is essential for a financial company’s sustainable growth,” said Kim Ki-hong, chairman of JB Financial Group, as he pledged to create greater transparency in the organization.

JB Financial Group has reinforced its ethical management and compliance program since last year. Its efforts include strengthening monitoring of corruption through internal audits and active adoption of an anti-bribery management system. In April, the financial group unveiled a plan for promoting ethical management practice on the occasion of the 50th anniversary of its key unit Jeonbuk Bank.

The company plans to run employee trainings on anti-corruption on a regular basis and step up monitoring to build a culture of compliance.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]