Financial Supervisory Service Suspends Comprehensive Inspections Until This Month... "Flexible Operations Including Remote Inspections"

Director Yoon Seok-heon’s Orders at the Executive Meeting

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) has decided to suspend comprehensive inspections of financial companies until the end of this month in consideration of the rapid spread of the novel coronavirus infection (COVID-19).

On the 18th, FSS Governor Yoon Seok-heon gave this order at an executive meeting and requested that inspections be operated flexibly in the future, including utilizing non-face-to-face inspection techniques during on-site inspections, the FSS announced.

Accordingly, the on-site main inspection of Hana Financial Investment, scheduled to begin on the 24th, is expected to be postponed for at least one week. The FSS has been conducting a preliminary document inspection of Hana Financial Investment since the 12th.

It is also anticipated that the comprehensive inspection schedules for Hana Financial Group and Hana Bank, as well as Woori Financial Group and Woori Bank, planned by the FSS, may be affected by the spread of COVID-19.

The FSS's sector inspection of Toss, which officially started on the same day, was originally planned to focus on document inspections, so no significant changes are expected.

Governor Yoon emphasized, "At times like these, internal control of financial companies is very important, so audit activities must be properly conducted from an independent position," and added, "It is necessary for financial companies' audit committees and internal audit organizations to strengthen communication and cooperation with the FSS to effectively control managerial risks and to strive to advance internal control systems."

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