In order to improve the effectiveness of internal audit mechanisms, the FSC held a colloquium for chief internal auditors of 23 credit cooperatives on Oct. 29, 2021.

During the session, the FSC exchanged a wide range of opinions on topics including targeted examination findings of consumer protection and AML/CFT with all participants, as well as the introduction of the Financial Examination Bureau's Principles for Effective Financial Examination and the importance of enterprise integrity.

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 the colloquium periodically in the future to strengthen the communication with financial institutions.