Hyundai Steel earns ISO 37301 certification for compliance management
Summary
Hyundai Steel has obtained ISO 37301 certification for its compliance management system, aligning its framework with international standards. The company held a ceremony Wednesday at its Pangyo office in Seongnam, Gyeonggi Province, with Hyundai Steel Executive Vice President Seo Sang-weon and Korea Fair Competition Federation Chairman Park Jae-kyu attending. Hyundai Steel said it plans to further strengthen risk assessments, internal audits, management reviews and improvement measures. It also said the certification will help meet ESG assessments and global customers’ supply chain evaluations.
Key Facts
- ISO 37301 is an international standard established by the International Organization for Standardization for compliance management systems.
- Hyundai Steel analyzed its business environment and stakeholder requirements, then assessed potential compliance risks in key business processes during the certification process.
- The company said it has a fair-trade compliance program, employee training, compliance checks, information sharing and whistleblowing channels.
- Hyundai Steel said it received an AA rating for two consecutive years in evaluations of its fair-trade compliance program.
Hyundai Steel Executive Vice President Seo Sang-weon, left, and Korea Fair Competition Federation Chairman Park Jae-kyu pose after the steelmaker received ISO 37301 certification in Seongnam, Gyeonggi Province, Wednesday. Courtesy of Hyundai Steel
Hyundai Steel has obtained ISO 37301 certification, an international standard for compliance management systems, recognizing its efforts to align its compliance framework with global standards.
The steelmaker held a ceremony Wednesday at its Pangyo office in Seongnam, Gyeonggi Province, attended by Hyundai Steel Executive Vice President Seo Sang-weon, head of management support, and Korea Fair Competition Federation Chairman Park Jae-kyu.
During the ceremony, the two sides shared the results of the certification process and discussed ways to further strengthen Hyundai Steel’s compliance management system.
ISO 37301 is established by the International Organization for Standardization. It assesses whether a company has systems in place to comply with laws and internal rules and to identify, prevent and manage compliance risks.
As part of the certification process, Hyundai Steel analyzed its business environment and stakeholder requirements, assessed potential compliance risks in key business processes and established measures to manage them and areas for improvement.
The company also established a system that allows employees to identify and address potential compliance risks in their respective areas of work. The move is aimed at embedding compliance into employees’ day-to-day work and decision-making.
Hyundai Steel plans to further strengthen its compliance management system under ISO 37301, with a focus on compliance risk assessments, internal audits, management reviews and improvement measures.
The company said the system will help it meet growing external requirements, including ESG assessments and supply chain evaluations by global customers, while strengthening trust in the company.
“This certification is significant in that it takes our compliance management efforts to the next level by aligning them with international standards,” a Hyundai Steel official said. “We will continue to strengthen our management system so that compliance becomes deeply embedded in our employees’ work and decision-making.”
Hyundai Steel has also implemented various initiatives, including a fair-trade compliance program, employee training, compliance checks, information sharing and whistleblowing channels.
The company has received an “AA” rating for two consecutive years in evaluations of its fair-trade compliance program, which it said reflects the effectiveness of its efforts.
Explore More
- Q.
- Q.
- Q.