External Survey Results on Financial Supervisory Service's Inspection Work: '8 out of 10 Points'

As part of the inspection stage innovation tasks in the 'Financial Supervisory Innovation Plan,' outsourcing to specialized investigation agencies
Achieved a comprehensive score of 8.08 out of 10, close to 'Strongly Agree'

[Asia Economy Reporter Kangwook Cho] An external survey on the Financial Supervisory Service's (FSS) inspection duties resulted in a comprehensive score of 8 out of 10 points.

On the 12th, the FSS announced that it commissioned an external professional research institute, Korea Research, to conduct an "Inspection Quality Survey," which yielded a comprehensive score of 8.08 out of 10. This score is described as being close to the second-highest positive response ("considerably so").

By evaluation area, "Protection of Financial Companies' Rights and Interests" received the highest score of 8.30 points. This was followed by "Inspectors' Expertise and Work Attitude" (8.23 points), "Transparency of Inspection Procedures" (8.04 points), "Rationality of Findings" (7.96 points), and "Efforts to Reduce Inspection Burden" (7.85 points).

In particular, survey items related to previously controversial issues such as lack of inspection expertise, high-handed inspection attitudes, and excessive findings mostly received above-average scores. "Inspectors' Expertise and Work Attitude" scored 8.23 points, "Non-Authoritarian and Non-High-Handed Inspection" scored 8.09 points, "Opportunity to Explain (Findings)" scored 8.33 points, and "Whether Findings Were Based on Clear Grounds" scored 7.93 points.

Earlier, to objectively grasp and evaluate the perception of inspected companies regarding inspection duties, the FSS commissioned an external professional research institute last October to conduct the "Inspection Quality Survey." This survey was conducted as part of the inspection phase innovation tasks jointly implemented with the Financial Services Commission in August last year under the "Financial Supervision Innovation Plan."

To enhance the objectivity, credibility, and significance of the survey results, Korea Research conducted the survey over 15 days targeting 637 individuals from 134 financial companies that underwent actual FSS inspections from the second half of 2018 to the first half of last year. These 134 financial companies represent about 35% of on-site inspections conducted during this period, and Korea Research directly selected the subjects.

Additionally, to ensure an accurate evaluation of inspection quality, the survey was detailed into five evaluation areas?inspectors' expertise and work attitude, transparency of inspection procedures, efforts to reduce inspection burden, protection of financial companies' rights and interests, and rationality of inspection findings?with a total of 19 detailed items. The evaluation scale was subdivided into seven levels, ranging from "Not at all" to "Very much so."

An FSS official stated, "We plan to continue conducting external surveys related to inspections and actively promote the 'Open Culture Project' for de-authoritarianization, communication, and empathy, continuously improving the quality of supervision and inspection duties to become a more trusted supervisory institution."

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