Jo Yong-byeong "The Gray Rhino is Coming... Overcome the Fear of R with R (Resilience)"

Shinhan Management Forum to be Held for 2-3 Days... Shinhan Financial Group's Strategy for This Year Defined as 'F.R.E.S.H 2020'

[Asia Economy Reporter Haeyoung Kwon] Cho Yong-byeong, Chairman of Shinhan Financial Group, urged that the 'fear of R' must be overcome with resilience. He emphasized that especially by preparing for the 'gray rhinoceros' of economic recession and deflation, companies can be reborn with new capabilities through the crisis overcoming process.

Chairman Cho, on the 2nd and 3rd of last month, at the Shinhan Bank Training Center in Giheung, Gyeonggi Province, held the '2020 Shinhan Management Forum' attended by about 260 people including CEOs, executives, and heads of headquarters from all group companies, and said, "Although the fear of R (Recession) is spreading worldwide, if there is R (Resilience), there is an opportunity to leap to a higher place than before."

He particularly mentioned the concept of the 'gray rhinoceros' (meaning a known risk factor that continuously appears but is ignored until it leads to a major crisis), introduced by Michelle Bucker, head of the Global Policy Institute, at the 2013 Davos Forum. He cited the role of leaders as the most important factor to overcome R with R, demanding four things from leaders: decision, change, results, and accumulation.

Chairman Cho presented the successful completion of the 2020 Smart Project and the start of the challenge toward First-class Shinhan as the main tasks for this year, defining the group’s strategic direction for this year as 'F.R.E.S.H 2020.' ▲F (Fundamental) means a solid foundation that does not waver in any crisis ▲R (Resilience) means resilience that drives organizational innovation through accumulated success ▲E (Eco-system) means the realization of a digital ecosystem led by Shinhan encompassing fintech and lifestyle platforms ▲S (Sustainability) means a responsible corporate citizen that coexists with various stakeholders such as customers and shareholders ▲H (Human-talent) means securing convergent talents leading the Fourth Industrial Revolution era.

The seven major strategic tasks for leaping to First-class Shinhan are ▲strengthening the customer-centered One Shinhan system ▲expanding market-leading business models ▲promoting advanced global growth strategies ▲leading innovative digital transformation ▲full-scale sustainable and innovative finance for value creation ▲differentiating risk management capabilities to respond to change ▲establishing Shinhan values oriented toward excellence.

Chairman Cho said, "I feel deeply honored to hold a management forum sharing the direction the group should take with Shinhan’s leaders on the first business day of 2020," adding, "I hope this management forum will be the starting signal for the grand journey toward First-class Shinhan."

This content was produced with the assistance of AI translation services.