In order to improve the effectiveness of internal audit mechanisms, the FSC held a colloquium for chief internal auditors of 23 credit cooperatives on Nov. 8, 2019 and exchanged a wide range of opinions on topics including recent critical audit matters with all participants.

The topics of the session included recent examination findings regrading treating customers fairly along with the management across branches and remote branches, audit deficiencies related to internal control, and remind them the implementation of consumer protection and internal control of branches. Moreover, the key points of improvements for examination findings and the introduction of a draft Whistleblower Protection Act were also introduced to the participants.

With two-way communication, it allowed financial institutions to gain a better understanding about the supervisory concerns and the examination focuses. The FSC will hold colloquiums periodically in the future to strengthen the communication with financial institutions.