Woori Financial Group Implements Ombudsman System's 'Find the Broken Window' Initiative

Introducing a Process to Proactively Identify and Manage Latent Risks in Advance
Expecting the Spread of a Risk Management Culture with Continuous Participation from All Group Employees

[Asia Economy Reporter Kwangho Lee] Woori Financial Group announced on the 16th that it will implement the ombudsman system "Find the Broken Window," involving all employees of the group companies, to proactively respond to potential risks.

This system is a process to proactively identify and manage latent risk factors that have not yet materialized or been managed but could significantly impact the group in the future. The broken window theory implies that neglecting minor disorder can lead to major problems.

Woori Financial has established a communication channel on the company intranet where all employees of the holding company and group companies such as Woori Bank can participate in "Find the Broken Window" at any time and express their opinions, and this will be conducted throughout the year.

Based on the monitoring results, each group company, including the holding company and Woori Bank, will proactively evaluate and manage inherent risks, thereby enhancing the group's risk management function to detect and respond to risk factors early, and it is expected that the risk management culture will also spread.

A Woori Financial Group official stated, "Recently, the financial market has seen intensified competition among fintech, big tech, and financial companies due to the COVID-19 pandemic, as well as increased dependence on information technology and expanded application of new technologies, making the management of potential risks more important than ever. For Woori Financial Group to strengthen its digital business and redefine its business model, attention to and response to potential risks are urgently needed."

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