The Future of Corporate Compliance in Light of South Korea’s International Bribery Prevention Act 2022

Summary:

The International Bribery Prevention Act 2022 in South Korea has significant implications for corporate compliance, signaling a shift towards increased responsibility and governance. The Act requires thorough due diligence, robust internal controls, and the establishment of anti-bribery policies and employee training. It also drives technological innovations in compliance, using AI and data analytics to detect anomalies. This may lead to a surge in compliance department investments, affecting job markets and the professional services industry. Overall, the Act has the potential to redefine corporate compliance in South Korea, leading to a more responsible and transparent corporate culture with global implications.