Financial Supervisory Service Introduces Specialized Supervisory System and Functional Job Group System

[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) is introducing a Professional Supervisor System.

On the 21st, the FSS announced the launch of the "Open Culture Project" aimed at enhancing the expertise and accountability of financial supervision and strengthening trust, including this initiative.

The Professional Supervisor System allows experts to work in specific fields such as inspection, investigation, and audit until the mandatory retirement age (60 years old).

The FSS also plans to discourage the practice of short-term rotational personnel assignments and promote the introduction of a functional job group system.

The FSS envisions transforming regional organizations into functional organizations and aiming for a large team system.

Additionally, the FSS will complete the establishment of expert training academies across five major areas, including inspection, investigation, accounting, consumer sectors, and the newly established Supervisory Academy.

Furthermore, the FSS plans to expand SupTech based on digital new technologies such as AI and big data, and promote the digitalization of financial supervision by driving RegTech.

Regarding integrity, the FSS will apply a zero-tolerance principle by not appointing employees who have integrity-related issues.

To strengthen communication with market participants, the FSS will focus on identifying and improving inconveniences from the perspective of financial companies and expand lectures inviting current and former executives of financial companies and former FSS personnel.

A "Financial Supervision FAQ Corner" will also be created to systematically record and manage Q&A between the FSS and financial companies.

The FSS will also establish a "Work Diet Committee" aimed at identifying and abolishing inefficient, outdated work practices.

Measures such as total workload management, simplification of reporting materials, and institutionalization of employee exemption grounds will also be pursued.

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