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Korean Air receives ISO 37301 certification for risk management compliance, a recognition of its conforming to international standards
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The certification system allows a third party with public confidence to evaluate and certify that the airline’s risk management system is up to international norms
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Korean Air CEO Woo Ki-hong says compliant risk management is not a temporary issue, but an essential element for corporate survival and sustainable growth
Korean Air is now ISO-certified for risk management compliance after obtaining ISO 37301 certification from the Korea Management Certification Authority for implementing a system that conforms to international standards.
ISO 37301 is an international standard established by the International Organization for Standardization (ISO) and is a system in which a third party with public confidence evaluates and certifies a company’s compliance with its risk management system, Korean Air said in a press release on April 13.
In particular, when selecting business partners for international commercial transactions, it is also used as a compliant risk management evaluation scale or as a standard for considering compliance violations.
“Risk management compliance is not a temporary issue, but an essential element for the survival and sustainable growth of the company. We will further strengthen it,” said Woo Ki-hong, CEO of Korean Air.
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Acquisition of this certification enables Korean Air to improve its company-wide legal risk identification and management system by reorganizing internal regulations and guidelines by reflecting international standards since the second half of last year.
The certification also strengthens the company’s environmental, social and governance (ESG) activities by analyzing the requirements of related ministries, investors and customers. This is the result of being recognized as conforming to international standards.
Korean Air said it introduced the compliance officer system in July 2012 and has been pushing for it to become established as an organizational culture. The airline is conducting inspections and training.
Meanwhile, Hanjin Group is expected to strengthen ESG management throughout the group and improve corporate reliability value by acquiring ISO 37301 certification.
