Global Competitiveness Empowerment Forum (GCEF) organized the Fair Player Club Seminar for Better Regulatory Compliance on 12 October, 2017 at the American Center Korea, in Seoul, Republic of Korea. Mr. Aaron Szabo, Senior Advisor for International Regulatory Cooperation in the Executive Office of the President’s Office of Information and Regulatory Affairs spoke at the event.
Fair Player Club is a public-private sector platform to promote collective action for anti-corruption hosted by Global Compact Network Korea (GCNK), organized by Global Competitiveness Empowerment Forum (GCEF), and supported by the Ministry of Trade, Industry & Energy (MOTIE), Ministry of Foreign Affairs (MOFA), Anti-Corruption & Civil Rights Commission (ACRC), and Siemens Integrity Initiative. Mr. Christopher Del Corso, Acting Deputy Chief of Mission at U.S. Embassy Seoul and Mr. Park Suk-bum, GCNK Secretary General, conveyed welcoming addresses.
Mr. Christopher Del Corso emphasized the importance of better regulatory compliance in his welcoming address by saying, “During the past year or so, both the U.S. and Korean governments have benefited from deeper engagement on regulatory issues through the sharing of international best practices. We encourage the Korean government and private industry to continue to think broadly in your efforts to improve the regulatory environment, and thereby stimulate and sustain economic growth.”
Mr. Park, Suk-bum, Secretary General, GCNK highlighted the significance of the seminar by saying, “We are delighted to hold this seminar to emphasize corporate compliance with regulatory policies, including the U.S. Foreign Corrupt Practices Act, and share corporate best practices. I hope that this seminar can provide the opportunity for the companies operating in United States and American companies in South Korea to realize the importance of compliance and business ethics as the basis for sustainable corporate activities and prepare responses to increasing social interests in business ethics.”
Mr. Aaron Szabo and Mr. Lee Min-ho, Director and Research Fellow at the Korea Institute of Public Administration’s Regulatory Research Center, presented best practices of regulatory policies from U.S. and South Korean perspectives. Additionally, Mr. Cho Ki-byung, Compliance Officer at Metlife Insurance Company, Ms. Sunny J. Park, Chief Counsel/Director of Corporate, External & Legal Affairs at Microsoft Korea, and Mr. Kim Dae-young, Executive Director/Compliance Officer at BNP Paribas Korea, shared their corporate practices for better compliance and business ethics.
Mr. Aaron Szabo introduced the benefits of good regulatory practices by stating that, “Good regulatory practices are important in developing a sound regulatory system and help protect against corruption in the rulemaking process. The key aspects of good regulatory practices are transparency, centralized review, and the use of regulatory impact analysis. Using good regulatory practices ensures that all members of the public, both domestic and foreign, have the opportunity to participate in the rulemaking process that rules are not conflicting or duplicative, and that rules are objective and based on evidence.”
Mr. Lee Min-ho, Director and Research Fellow at the Korea Institute of Public Administration’s Regulatory Research Center presented about each Korean government’s regulatory reforms and efforts to ease barriers in corporate regulations. During corporate presentations, Mr. Cho Ki-byung, Compliance Officer at Metlife Insurance Company introduced risk control frameworks and strategies at Metlife, and Ms. Sunny J. Park, Chief Counsel/Director of Corporate, External & Legal Affairs at Microsoft Korea spoke about compliance system utilizing big data and cloud computing. Moreover, Mr. Kim Dae-young, Executive Director/Compliance Officer at BNP Paribas Korea shared the company’s diverse programs to deeply embed compliance and business ethics into BNP Paribas vision and corporate culture. The speakers continued their lively panel discussion moderated by Ms. Elena Augustine, Economic Officer in the Macroeconomic and Trade Policy at U.S. Embassy Seoul.
At the end of the seminar, Ms. Angela Joo-Hyun Kang, Executive President of GCEF introduced Fair Player Club and the Fair Play Pledge and Ms. Eva Eun-kyung Lee, Chief/Senior Researcher at GCNK, explained Fair Play Compliance Packages. Fair Player Club project will be operated until March 2018 and companies can pledge ‘Fair Play’ for fair and transparent market competition. During the later months this year, Fair Player Club seminar with German Embassy in Seoul, Delegation of the EU to the Republic of Korea, China Embassy in Seoul and their chambers is scheduled to be delivered. We look forward to your interest and active participation.