To strengthen bilateral communication with domestic banks and raise the effectiveness of this industry’s internal control and internal audit system, the FSC convened a colloquium for chief internal auditors of domestic banks on Nov. 29, 2024. The five domestic banks performing well in internal audit function were awarded and commended by the chairperson of the FSC during the colloquium.

The supervisory session topics covered "The scope and procedure for assessing the performance of internal audit unit’s function", "Key examination findings regarding anti-fraud risk control mechanism" and "Key examination findings regarding AML/CFT & CFP mechanism". In addition, the decrees of consumer protection and gender equality were disseminated by the FSC’s Ethics and HR officials. An unconstrained-theme QA session was also arranged to exchange mutual opinions and expectations toward the carrying out of internal audit function.

The bilateral communicative colloquium benefited financial institutions better understand the FSC’s supervisory concerns and examination focuses. The FSC will continue to host such colloquiums in due course to sustain effective communication with the stakeholders.