Yuyu Pharma Announces the Introduction of its Global Anti-Corruption Management System
SEOUL, South Korea, Oct. 28, 2020 /PRNewswire/ -- On October 28, 2020, Yuyu Pharm (CEO Robert Wonsang Yu, KRX 000220) initiated steps to incorporate ISO 37001 Anti-bribery management system to strengthen the company's compliance system. During the introduction ceremony of ISO 37001 held at Yuyu Pharma's Seoul Office, CEO Robert Wonsang Yu kicked off the anti-bribery management system project and appointed Simon Kim, Director of Yuyu's Compliance Department, as the head of this project.
ISO 37001 Anti-bribery management systems is a system published by International Organization for Standardization (ISO). This standard sets out the requirements for the establishment, operation, maintenance, and continual improvement of an anti-bribery management system. An anti-bribery management system intends to help organizations in the fight against bribery, by establishing the procedures, policies and controls that help foster a culture of integrity, transparency and compliance. Yuyu's implementation of the ISO 37001 will be carried out for the purpose of establishing a global-level ethics management system. The project is expected to take six months to complete and anticipates receiving ISO 37001 certification by the first quarter of 2021.
Yuyu had developed an internal compliance management system back in 2017. In addition, Yuyu has held "Self-Compliance Day" every year to spread a corporate culture of compliance and strengthened its commitment to implement the fair trade compliance. Yuyu has also carried out such measures as supplied self-compliance manuals to employees, conducted monthly self-compliance committee meetings, and implemented a system for tracking financial profit and expenditure reports. In March 2020, Yuyu Pharma upgraded the internal compliance system to meet global-level compliance management system working with Kim & Chang, one of Korea's top law firm.
Robert Wonsasng Yu, CEO of Yuyu Pharma, said, "Corporate ethics is a very important issue. We at Yuyu stand against bribery and corruption with the highest level of integrity and transparency. By pursuing ISO 37001 certification in 2020-2021 we hope to demonstrate that commitment."
About Yuyu Pharma
Yuyu Pharma (KRX: 000220) is a pharmaceutical company founded in 1941. The company manufactures, distributes, and does marketing for pharmaceutical products, medical devices, and medical foods in South Korea and Southeast Asia. Currently, Yuyu Pharma is focusing on developing new drugs for treating enlarged prostates and dry eye syndrome.
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