Overview
What is Fair Trade Compliance Program?
The Compliance Program (hereinafter referred to as "CP") is a management system through which the Company establishes internal standards and procedures to ensure voluntary compliance with applicable fair trade laws and operates them in a systematic manner.
Samyang Corporation has introduced the CP to practice fair and transparent management.Tahrough the CP, the company provides clear stndards of conduct for employees and has established a systematic compliance management system to help prevent potential violations of fair trade laws in the course of business activities.
Purpose
Benefits of CP
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Reinforcement of Corporate Competitiveness
Compliance with fair trade laws provides the foundation for sustainable growth and stronger competitiveness. -
Prevention of Legal and Financial Risks
It helps prevent not only direct risks arising from legal violations, such as administrative fines, damages, and criminal liability, but also indirect losses such as damage in reputation. -
Enhancement of External Trust
It strengthens trust and corporate value as a company committed to transparent and ethical management.
Eight Elements of the Compliance Program
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- Establishment and operation of CP standards and procedures
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Internal standards and procedures required for fair trade-related duties are established and systematically implemented.
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- Commitment and support from executive management
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Executive management declares compliance with fair trade laws as a core management value and actively supports its implementation.
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- Appointment of a compliance officer
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A compliance officer responsible for overseeing the CP is appointed to ensure independent and systematic management.
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- Development and use of the compliance manual
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Internal guidelines are prepared so that employees can easily understand and apply them in their actual work.
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- Continuous and systematic training
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Training tailored to job responsibilities strengthens understanding of fair trade laws and the ability to comply with them.
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- Establishment of an internal monitoring system
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Monitoring and inspection systems are implemented to help prevent legal violations in advance.
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- Disciplinary measure for violations of fair trade laws
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Reasonable actions are taken against violations based on fair and consistent standards.
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- Effectiveness evaluation and improvement measures
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Regular reviews and evaluations are conducted to continuously improve the effectiveness of CP operations.
