"Data-Centric Supervision"... Financial Supervisory Service Establishes Four Major Innovation Goals

Improvement of Supervision Tasks through Incident Record Data Digitization

[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) has decided to embark on digital innovation to enhance financial innovation and trust.

On the 18th, the FSS announced that it plans to focus on implementing the 'Four Major Goals and Key Leading Tasks for Digital Transformation in Financial Supervision' this year, which include ▲transitioning to a data-centric supervisory system ▲protecting financial consumers ▲innovating work and culture ▲strengthening digital capabilities.

The FSS intends to completely overhaul the current unfair trade investigation system to enhance investigators' ability to analyze suspicions and conduct investigations, actively responding to increasingly sophisticated unfair trade practices. In particular, it plans to digitize past case records in document form and gradually transition to a cloud and big data environment to quickly analyze large volumes of trading data.

Additionally, the FSS plans to establish a system that collects, analyzes, and opens standardized data on notes to financial statements of listed companies disclosed through the Electronic Disclosure System (DART). Through this, it aims to improve the convenience of corporate financial analysis for general investors and strengthen supervisory capabilities such as detecting accounting fraud and identifying at-risk companies.

The FSS also revealed plans to enhance the inspection information system by converting accumulated inspection data into big data, enabling integrated searches of inspection-related information. It will support automation of repetitive inspection processing tasks and shorten processing times at each inspection stage to improve the quality of inspections.

Furthermore, the FSS plans to establish a mid- to long-term informatization plan to improve the functions of the supervisory information system using new technologies such as AI and big data analysis, and to systematically manage and utilize supervisory data.

Alongside this, the FSS intends to strengthen the analysis of big data collected through complaint counseling records and social media to detect abnormal signs that could cause consumer harm, thereby further enhancing financial consumer protection.

The FSS will particularly improve public communication channels by gradually expanding mobile-based services, such as enabling complaints to be filed via mobile devices, thereby enhancing consumer convenience. At the same time, it plans to gradually expand the scope of disclosure of financial supervisory data, which has high public interest and impact, to support financial companies' compliance monitoring capabilities. It will also discover and activate technology companies that support consumer protection, transaction safety, and inclusive finance in response to the digitalization of finance.

The FSS plans to introduce Robotic Process Automation (RPA) to reduce simple and repetitive supervisory administrative tasks and create an environment where staff can focus on high value-added work. Additionally, it will review the progress and outcomes of digital transformation through the Strategy Council operated by the Digital Strategy Standing Committee.

It also announced plans to establish a Digital Innovation Forum (tentative name) to operate a channel for sharing the latest trends with financial companies and digital industry experts, thereby supplementing digital transformation strategies and discovering collaboration models.

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