SPE has Internal Control and Compliance committee which meets regularly and plans compliance measures. The Committee includes not only the CEO and General Manager of Corporate Department but also the General Managers of Commercial Departments, enabling them to examine such measures in a multifaceted way that reflects SPE’s actual business operations.
SPE, for its sustainable growth and development, constantly improves the quality of the business operation on a global and consolidated basis through appropriate establishment, operation, assessment, and improvement of internal controls.
For this purpose, SPE established Internal Control and Compliance Committee, which has the following main functions:
- Central management and timely assessment of the Company’s overall internal controls on a global and consolidated basis;
- Planning, implementation, and promotion of basic policies for the identification and improvement of important issues based on the assessment mentioned in the preceding item;
- Develop and review the tools to contribute to the effective and efficient implementation of the process.
- Takes care of undertaking company-wide educational activities to raise awareness about internal control.
SPE defines internal control as a management process performed by everyone in the organization, incorporated into the business process in order to provide reasonable assurance regarding the achievement of the following four objectives:
- effectiveness and efficiency of business operations
- reliability of financial reporting
- compliance with applicable laws and regulations relevant to business activities
- safeguarding of assets.
Internal control consists of six basic components: control environment, risk assessment and response, control activities, information and communication, monitoring, and IT management. This procedure ensures sustainable growth by planning and assessing compliance measures, improving global business operations, and raising awareness.