Europe United Kingdom

Policies & Procedures Manual for Korean Development Bank

GBRW Consulting, GBRW Group, Policy and Procedure Development, Sustainable & Development Finance

Established in 1954, Korea Development Bank is a wholly state-owned policy development bank in South Korea.

KDB has been present in London since 1975, starting out as an office, then becoming a subsidiary in 1989 and, now finally, converting into a branch from 1997. KDB London (KDB) is the European hub for the KDB Bank Global Network and delivers financial services and products in corporate finance, trade finance, derivatives, securities investment and treasury. Trade Finance comprises the majority of KDB London’s business and approximately 30% of its customers are Korea-based.

KDB had an existing suite of manuals and policies, which had been added to and amended over time. KDB engaged GBRW to conduct a comprehensive review of its existing materials, with a view to ensuring that it is coherent and organised, and reflects relevant market best practice.

A GBRW team of subject matter experts covering a wide range of functional areas worked closely with Branch staff to identify gaps, deficiencies and redundancies in the Branch Manual, and to ensure it maintained its status as a practical and compliant reference for staff. Topics covered included trading and credit operations; all aspects of risk management including credit, operational, and market risk management; internal audit and compliance; accounting (and especially noting the impact of IFRS 9); information technology; and physical security and disaster recovery.

Deliverables included:

- Revised and up-dated Policy and Procedures Manuals (agreed by the branch and Head Office)

- Specialist input on policies and procedures for Trading

- Specialist input on policies and procedures for Risk Management and Credit

- Specialist input on policies and procedures for Internal Audit and Compliance

- Specialist input on policies and procedures for Finance and Accounting (including IFRS 9)

- Specialist input on policies and procedures for Trade Finance

- Specialist input on policies and procedures for IT and Business Continuity (Disaster Management)