Recently, Shin & Kim announced the launch of the Compliance Center (abbreviated as the “CP Center”) to comprehensively respond to the increased social demand for compliance management amidst a rapidly changing economic environment and various regulatory risks.
The materialization of a company’s compliance risks may not only lead to various incidents and consequent legal sanctions, huge penalty surcharges, financial losses and loss of public reputation, but also pose a significant risk to the company’s overall management, taking into account that the CEO or directors have recently become directly liable through a derivative suit, etc. based on the recent Korean Supreme Court case.
The newly launched CP Center of Shin & Kim has a total of 11 divisions under the center, including antitrust and competition, corporate governance, labor and employment, ESG and environment, major industrial accidents, anti-corruption, healthcare, privacy protection and information security, intellectual property rights and trade secrets, digital forensics and foreign regulations, to proactively identify potential risk factors based on the nature of the business and help companies build and develop customized compliance systems.
The center will be led by Senior Partner Mooil Moon (former Prosecutor General). Partner Seong-Jin Choi and Partner Geun-Bae Seok are Co-Deputy Directors of the CP Center and serve as pillars for the center. The head of the CP Center noted, “As society and the environment change, the numerous threats and risk factors that businesses face also constantly evolve,” emphasizing, “our focus will be to not allow our compliance work to end as a one-off exercise; but rather to make it lead to substantial improvement in business operations through proper diagnosis and compliance checks” In particular, for global companies, as they may not be familiar with Korea’s unique laws and regulations, those interested in compliance are encouraged to actively contact the CP Center.