Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Samsung maintains top rating in gov't export control compliance program
Samsung's corporate flag flutters at Samsung Electronics' office in Seocho District, Seoul, Oct. 30. Yonhap
By Nam Hyun-woo
Samsung Electronics was evaluated as AAA, the highest grade in the Internal Compliance Program (ICP) for export control, by the Ministry of Trade, Industry and Resources, the company said Monday.
The ICP is the government’s certification system for companies that show exemplary compliance with export control regulations for strategic items such as semiconductors, network equipment and other goods. These goods are regulated for national security reasons and require administrative procedures to obtain export licenses.
The ministry has been operating the ICP for strategic items under a three-tier grading system — AAA, AA and A — to enhance export transparency and efficiency in the export control capabilities of companies.
Companies designated as ICP receive administrative benefits such as faster export license reviews and simplified documentation. Samsung Electronics has maintained the AAA grade since the program’s introduction in 2014. The designation is valid for a period of three years.
In the recent evaluation, Samsung Electronics received the grade due to the CEO's commitment to compliance, strengthening the roles of organizations dedicated to the export control issue and introducing a system for detecting sanctioned parties.
The ICP grading is based on several evaluation indicators, including strategic item classification, internal control systems, export transaction reviews, information security management and employee training.
Samsung Electronics said it will continue its efforts to stabilize the global supply chain and solidify its position as a responsible trading partner that meets the requirements of the international community.