Samil PwC launches AI advisory service as security disclosure scrutiny tightens

AI letters and robot miniature are featured in this June 23, 2023 illustration. Reuters-Yonhap

Samil PwC, Korea’s largest accounting firm by revenue, has launched an artificial intelligence (AI)-based advisory service to help companies comply with the country’s information security disclosure requirements as the government moves to tighten oversight, the company said Wednesday.

Under proposed amendments to the enforcement decree of the Information and Communications Technology Industry Promotion Act, the number of companies subject to mandatory disclosure, which is currently around 600, is set to expand from 2027. Many firms previously outside the rule will need to build new compliance frameworks.

The government has also set aside a larger budget to strengthen verification, signaling a more rigorous scrutiny ahead. In the past, minor errors or ambiguous wording in disclosures often went unchallenged. However, with tighter oversight, companies could face a greater risk of penalties stemming from inaccurate or incomplete filings.

Samil PwC’s new service uses AI to streamline the disclosure process and reduce inconsistencies. Its automated engine reviews disclosure criteria by category and flags key items for further examination. By combining automation with professional review, the service aims to minimize common issues seen in manual consulting, including omissions and errors.

Hong Woo-sik, the firm’s partner in risk assurance, said such disclosures are becoming a key yardstick of corporate transparency and credibility.

“By combining AI technology with our expertise, we aim to help companies respond more systematically to the evolving disclosure environment,” he said.