Samsung Electronics headquarters in Seoul (Newsis)
Samsung Electronics headquarters in Seoul (Newsis)

Samsung Electronics said Monday it has retained the highest rating in South Korea’s Internal Compliance Program for export control, highlighting its efforts to apply strong compliance standards to its handling of strategic products such as semiconductors and network equipment.

The rating, granted by the Ministry of Trade, Industry and Energy, recognizes companies that voluntarily meet export control requirements for items subject to national security regulations. It rates companies according to three tiers -- "A," "AA" and "AAA" -- to enhance transparency and efficiency in managing strategic items, while simultaneously improving companies’ export management capabilities.

Samsung said it has maintained the top grade "AAA" since the program’s introduction in 2014.

The ICP program evaluates companies on areas such as classification of strategic goods, internal control systems, export transaction reviews, information security and employee training. Certified companies benefit from faster export license approvals and reduced paperwork. The designation is valid for three years.

In its latest reassessment, the ministry recognized the Samsung CEO’s commitment to compliance, the company's strengthening of its dedicated export control organizations and its introduction of a sanctioned party detection system, the company said.

Samsung 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.


herim@heraldcorp.com