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. 20, 2020 and exchanged a wide range of opinions on topics including recent critical audit matters with all participants.

The topics of the session included primary examination findings of recent full-scope examination and targeted examination on corporate governance, the introduction of new online submission data function and the importance of trade secrets.

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.