Woori Financial Group Establishes Three Integrated Risk Management Systems
Proactive Implementation of Management System Reflecting Basel III Regulations
Enhancing Group Operational Stability... Establishing Risk Management Standard Framework
[Asia Economy Reporter Kwangho Lee] Woori Financial Group announced on the 23rd that it will proactively introduce three major risk management systems?operational, market, and credit risks?reflecting the Basel III regulatory revisions effective from 2023.
Woori Financial introduced a credit risk management system last September in preparation for Basel III regulatory requirements, and the newly developed integrated group-wide three major risk management systems will undergo pilot testing and are scheduled to be applied to all group companies, including Woori Bank, starting in June.
Woori Financial has enhanced the stability of group operations by preventing potential risks and strengthening management of risk loss events. Additionally, to ensure business continuity planning (BCP), it has established a foundation to quickly restore business capabilities in the event of unpredictable risks such as the COVID-19 pandemic, thereby building a standardized integrated group-wide three major risk management framework.
In particular, to facilitate early adoption of the operational risk management system into the organizational culture, Woori Financial designed a user-friendly system that is easy and simple for employees to operate, following the catchphrase "5 days from start · 5 days duration · 5 minutes evaluation," thereby improving accessibility.
Furthermore, to build consensus on risk management tasks and enhance the effectiveness of system adoption, the system incorporates videos throughout, in addition to educational videos, reducing the workload of responsible staff and improving their understanding.
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A Woori Financial official stated, "With the early introduction of the three major risk management systems, we have secured a grace period for institutional establishment," adding, "We will focus on further improving and stabilizing the system by addressing any trial-and-error and issues that may arise before the implementation of the Basel III revisions."
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