SOUTH KOREA. Lotte Duty Free has acquired the International Organization for Standardization’s Compliance Management System (ISO 37301) certification, the first duty free retailer to have achieved such official recognition.
ISO 37301 is an international benchmark certifying that a company’s compliance policies and risk-management systems are aligned with global standards. It is also used as a standard to assess a company’s compliance management policies when screening potential business partners.
Lotte Duty Free said that this certification demonstrates their comprehensive process to identify and prevent compliance risks in advance.
As reported, the leading travel retailer secured the Anti-Corruption Management System (ISO 37001) certification for anti-corruption and ethical management in 2021. The certification recognises Lotte Duty Free as a model company that meets global standards in eco-friendly and ethical management.
In 2021, the company established a Compliance Management System by creating a Compliance Committee, made up of experts from outside the company, under the direct supervision of the CEO.
The programme involves an integrated management process to prevent legal risks that may arise from business activities. Through this, the company updated its Fair Trade and Customs compliance policies as well as its anti-corruption-related regulations and began operating a risk-management system.
In August, Lotte Duty Free launched the slogan ‘Let’s Think of the Rule’ within and outside the organisation. The message aims to improve the transparency and reliability of internal executives and employees and solidify the company’s commitment to win-win cooperation with stakeholders such as brands and business partners.
The British Standards Institution of Korea (BSI KOREA) also conducted an on-site inspection in Lotte Duty Free as part of the process for the ISO 37301 certification.
Lotte Duty Free Management Support Division Head Park Sang-ho said: “With this international standard certification, Lotte Duty Free’s compliance management efforts and system have been recognised.
“We will continue to do our best to become a travel retailer more trusted by customers and stakeholders, and further expand the industry as a whole. We will take the lead in establishing a culture of compliance management.”
To establish a culture of compliance within the organisation, Lotte Duty Free is expanding its training programme. This will help executives and employees follow compliance policies and anti-corruption practices. ✈
