[New Year's Meeting] Jo Yong-byeong Compares This Year's Financial Market to a Gray Rhino

Warning that overlooking well-known risks can lead to greater crises
Instructing employees on risk management by referring to the Gray Rhino

Cho Yong-byeong, Chairman of Shinhan Financial Group

[Asia Economy Reporter Kim Min-young] Cho Yong-byeong, Chairman of Shinhan Financial Group, likened this year's financial market to a "gray rhinoceros running toward us" on the 3rd. It is a warning that a major risk, well known but overlooked by everyone in the financial sector, is lurking.

After attending the "Pan-Finance New Year's Meeting" held at the Shilla Hotel in Jung-gu, Seoul, Chairman Cho told reporters, "The risk factors have been exposed as much as they can be, and the visible risks are very large," adding, "It is a state of complex uncertainty, and I explain to employees by visualizing it as a 'gray rhinoceros' running toward us."

The gray rhinoceros refers to a risk that is highly probable but overlooked by people. It is a widely known warning that ignoring risk factors can lead to even greater dangers.

Chairman Cho said, "It is very noticeable, but once the gray rhinoceros starts running, it cannot be stopped," and added, "I am conveying to employees the intention to prepare well in advance."

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