Yuyu Pharma, Laying the foundation for establishing a global-level compliance system with one of Korea's top law firms
With the law firm Kim & Chang, has completed its project to reinforce compliance
SEOUL, South Korea, March 2, 2020 /PRNewswire/ -- Yuyu Pharma (COO Robert Wonsang Yu, KRX 000220) announced today a review of its compliance policies and procedures with the support of the law firm, Kim & Chang. The Kim & Chang project team, consisting of 6 lawyers and 1 expert advisor, implemented an enterprise-wide compliance risk assessment since October 2019.
"It was important for us to assess Yuyu's compliance system. Yuyu's priority is to ensure that we have the right processes in place to make responsible business decisions," said Robert Wonsang Yu, Chief Operating Officer of Yuyu Pharma.
Recently, the company has made significant investments to improve its compliance program. Yuyu developed new company-wide compliance policies that are benchmarked to global standards, which are being implemented by training employees. Additionally, it has been building its Compliance Team, allocating financial resources and hiring additional personnel to support the implementation of the new policies.
"With recent investments and actions, it's clear that Yuyu recognizes the importance of having a strong compliance program to help identify and manage risks. We thank Yuyu for its cooperation with the review," said lawyer at Kim and Chang. Yuyu has discussed with Kim & Chang the review's findings, and the company has taken action to implement improvements.
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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