HUG, Kangwon Land sign MOU to upgrade internal controls with AI, big data

The Korea Housing and Urban Guarantee Corporation (HUG) has teamed up with Kangwon Land to build an advanced digital audit system leveraging AI and big data.

HUG announced Wednesday that Standing Audit Committee Member Lee Myung-won signed a memorandum of understanding with Kangwon Land on Tuesday, titled "MOU for Enhancing AI Audit Capabilities and Strengthening Internal Controls."

The agreement aims to proactively respond to a rapidly shifting audit environment driven by AI and to further upgrade the internal control systems of both organizations.

Under the MOU, the two institutions plan to jointly develop AI- and big data-based audit techniques, advance their digital audit systems, benchmark best practices in internal controls, provide mutual advisory support to promote proactive administrative initiatives, and exchange personnel between their internal audit bodies.

"Upgrading internal controls and strengthening audit capabilities have never been more important as the audit environment changes rapidly," Lee said. "We will share the expertise and experience of both organizations and jointly advance AI- and big data-based audit operations to contribute to the development of public-sector auditing."

Meanwhile, HUG said 10 of its employees recently received AI champion certification from the Ministry of Interior and Safety.