We run our business in a legal way by following domestic and foreign laws.
For Compliance Management , Dongkuk Steel operates Compliance Office and Win-Win Growth Office as organizations supporting law abidingness ,
and take compliance and fair trade activities by establishing Win-Win Growth Committee and operating compliance manager system.
In addition, all executives and employees of Dongkuk Steel recognize compliance risk on the basis of the compliance program of Dongkuk Steel.
What is DK Compliance Program?
This compliance program is the compliance system and behavior rules set forth for Dongkuk Steel to comply with laws.
It means the activity of enhancing corporate competitiveness and pursuing sustainable growth by suggesting clear behavior criteria of compliance to executives and employees, monitoring their compliance, preventing any loss caused by law violation, and building up external trust.
The Necessity of Compliance Program
The regulations for unfair business practices made by fierce market competition are enhanced.
Unfair business practices emerge as the main threats of management, such as corporate loss and external & internal credibility fall
- Enhancement of fair competition regulations
- Enhancing of regulation activities for protecting consumers’ rights
- Enhancing the planning survey for unfair business practices in market
- Imposing high taxes and civil & criminal penalties in case of law violation
- Change of internal environment
- Unfair business practices are emerged as the main threats of management.
- The necessity of compliance program increases.
- Change of market environment
- Enhancing of penalties for unfair business practices made by fierce competition
- Worse social awareness of unfair business practices
Understand fair trade laws and draws risks
Establish fair trade order through work process and regulations
Draw and apply improvement measures through causal analysis on risks
The operation process of the Compliance Program
- 01 Prevention
- Clarification of CEO’s intention of compliance
- Appointment of compliance manager
- Regular & irregular compliance education
- Compliance guideline offering in each area
- Executives and employees’ pledge of compliance
- 02 Monitoring
- Regular & irregular compliance monitoring by a team in charge
- Sanctions on law violation acts
- 03 Follow-up
- Investigation of fundamental causes of problems through process & result analysis
- Effort for prevention reoccurrence by introducing cases in education
- Performance evaluation of program operation
- Improvement in procedure & system
The introduction effect of the Compliance Program
Accomplish fair competition, practice transparent management and ethical management, and improve corporate image
Achieve sound corporate value by minimizing corporate loss through the prevention of the loss caused by law violation
Achieve sound corporate value
Pursue a sound corporate value by establishing a fair competition system
- A compliance program for fair competition tended to be standardized globally.
- About 420 domestic firms introduce and operate a compliance program.
Prevent the loss caused by law violation
Prevent economic losses including a fine, a penalty, and compensation for damages, and civil and criminal responsibilities of executives and employees
Improve internal & external corporate credibility
Improve internal and external corporate image
- Social awareness of the enterprises practicing transparent management, and compliance management is improved.
Exempt from ex officio investigation
Exempt from ex officio investigation in the field of fair trade
(if grade A and higher is acquired in CP rating assessment)