Korea Branch Compliance Officer - Insurance study plan
Korea Branch Compliance Officer - Insurance · Give each week a clear focus.
8 weeks · About 7 hours per week
Insurance Business Act and supervisory framework
Map the Insurance Business Act's licensing and branch-entry provisions for foreign insurers onto a one-page diagram of who approves what.
Distinguish the supervisory roles of FSC, FSS and the Bank of Korea in insurance oversight and write a 10-line comparison table.
List the capital, solvency (K-ICS) and reserve requirements a branch must evidence, citing the article or supervisory notice for each.
Draft 15 recall questions on business-permit scope, product filing versus reporting, and policyholder-dividend rules, then answer them closed-book.
Your checkpoint
A one-page regulatory map of Insurance Business Act entry, supervision and solvency requirements with article citations, plus a scored 15-question self-test (target 80%).
Insurance Business Act and supervisory framework & Internal control, compliance risk management and the compliance officer's duties
Trace the statutory duties of a compliance officer under the Insurance Business Act and the internal-control framework, separating personal liability from firm liability.
Build a compliance calendar covering board reporting, internal-control assessments and supervisory filings with realistic Korean deadlines.
Explain how the three-lines-of-defence model maps onto a branch where the head office sits offshore, and identify where the local compliance officer owns versus advises.
Write a mock board paper summarising a compliance risk assessment for one product line.
Your checkpoint
A compliance calendar and a one-page mock board paper that names at least five statutory obligations, their owners and their deadlines.
Financial consumer protection and sales conduct
Summarise the Financial Consumer Protection Act's six sales-conduct principles and give one insurance example of each.
Distinguish suitability, appropriateness and explanation duties and state which applies to which insurance product category.
Outline the complaint-handling and dispute-mediation route from branch to the Financial Supervisory Service and the dispute mediation committee.
Analyse two short original mis-selling scenarios and decide whether a duty was breached, with reasoning.
Your checkpoint
A two-page sales-conduct decision tree covering suitability, appropriateness, explanation and cooling-off, validated against the two scenarios.
Anti-money laundering, terrorist financing and sanctions compliance
Classify the Korean AML/CFT legal stack (Act on Reporting and Using Specified Financial Transaction Information, FATF recommendations, FIU supervisory expectations) and note what each layer obliges a branch to do.
Apply customer due diligence tiers, including enhanced due diligence triggers and simplified due diligence limits, to three original customer profiles.
Explain suspicious transaction reporting timelines, tipping-off prohibitions and record-retention periods with the governing rule for each.
Screen a short list of hypothetical counterparties against sanctions concepts (UN, EU, US and Korean autonomous lists) and document escalation steps.
Your checkpoint
A completed STR decision memo for three fictional customers, plus a sanctions-escalation flowchart showing who is notified and within what timeframe.
Anti-money laundering, terrorist financing and sanctions compliance & Cross-border regulatory coordination and reporting
Draft the branch's cross-border reporting obligations to its head office and to Korean authorities, distinguishing routine, ad hoc and event-driven reports.
Identify where home-country and host-country requirements conflict and propose a documented resolution approach.
Describe how supervisory colleges and information-sharing arrangements affect a foreign branch's reporting duties.
Test your recall of AML and reporting rules with 20 mixed questions and log every miss with its source rule.
Your checkpoint
A cross-border reporting matrix listing at least eight report types with recipient, trigger, deadline and escalation owner, plus a scored 20-question test.
Governance, outsourcing and operational risk for foreign branches & Data privacy and information security
Map outsourcing arrangements against supervisory expectations on material outsourcing, exit plans and cloud use, and flag the branch's three highest-risk arrangements.
Explain the branch's operational-risk taxonomy and link each category to a plausible insurance-branch loss event.
Summarise Korean data privacy obligations (Personal Information Protection Act) for collecting, using, cross-border transferring and retaining customer data in insurance.
Design the security-incident notification chain covering internal escalation, regulator and affected-individual notice.
Your checkpoint
An outsourcing risk register of five arrangements with risk rating, exit plan status and owner, plus a one-page incident-notification runbook.
Professional ethics and conflicts of interest & Financial consumer protection and sales conduct
Identify the conflict-of-interest situations most likely in a branch, including product-provider relationships, inducements and personal dealing, and state the control for each.
Apply the code-of-ethics decision test to three original dilemmas and justify each outcome.
Explain gift, entertainment and inducement limits under insurance sales rules and distinguish permitted versus reportable conduct.
Rehearse a short compliance-advice conversation where you must decline a business request on ethical grounds.
Your checkpoint
A conflict-of-interest register with five entries (situation, risk, control, owner) and three written dilemma analyses each reaching a defensible conclusion.
Insurance Business Act and supervisory framework & Financial consumer protection and sales conduct & Anti-money laundering, terrorist financing and sanctions compliance & Internal control, compliance risk management and the compliance officer's duties & Governance, outsourcing and operational risk for foreign branches & Data privacy and information security & Cross-border regulatory coordination and reporting & Professional ethics and conflicts of interest
Re-take every earlier self-test and record a score improvement baseline versus final for each domain.
Complete two timed 60-question mixed mock exams under exam conditions and review every error by domain.
Consolidate a one-page-per-domain summary sheet of rules you repeatedly missed.
Simulate explaining to a new branch hire, in under five minutes, how the eight domains connect in daily compliance work.
Your checkpoint
Two scored mock exams (target 75% or better on the second) with an error log showing the domain, rule and corrective note for every miss.
Milestones
Week 2: Can state the compliance officer's statutory duties and produce the compliance calendar from memory, citing at least five obligations.
Week 4: Scores 80% or higher on a 25-question mixed test covering domains 1, 2 and 3.
Week 6: Produces the cross-border reporting matrix and outsourcing risk register without consulting notes, then verifies each entry against source rules.
Week 8: Scores 75% or higher on a timed 60-question mixed mock exam and has a written error log covering all eight domains.