Financial Sector to Implement Responsibility Structure: Strengthening Executive Liability

The financial sector is preparing for the implementation of the "Responsibility Structure," which significantly strengthens the direct accountability of executives. Unlike the previous system that focused on individual employees, executives assigned to specific duties under the new framework will now be held legally liable for major financial incidents. To avoid or mitigate penalties, executives must provide concrete evidence of their oversight and internal control activities, such as IT system logs and written approvals. Attorney Seong-min Kwon from Law Firm Hoam emphasized that the key to success lies in integrating a genuine culture of compliance into daily management, rather than just fulfilling formal documentation requirements.