FSS to Conduct Comprehensive Inspection of Woori Financial Group in Mid-Next Month

[Asia Economy Reporter Kwangho Lee] The Financial Supervisory Service (FSS) announced on the 15th that it plans to conduct a comprehensive inspection of Woori Financial Group in mid-next month according to the originally established annual plan.

The FSS stated, "There have been difficulties in organizing inspection teams due to the spread of COVID-19 and other factors, and considering various demands for improvements to the inspection system, the timing was somewhat delayed during the review of the future direction of inspections. This inspection will be conducted in accordance with laws and principles, serving as a starting point to enhance the predictability of future inspection work, and the entire inspection process will proceed based on clear standards set forth in relevant laws and inspection manuals."

This inspection is the first comprehensive inspection since Woori Financial Holdings was established in 2019. Initially, the FSS was known to have tentatively withdrawn plans to conduct the comprehensive inspection starting from the 15th of this month, which sparked controversy over the possible abolition of comprehensive inspections. The FSS's comprehensive inspections were reinstated in 2018 after the inauguration of former FSS Governor Yoon Seok-heon.

The FSS emphasized, "This inspection is a risk-prevention type inspection conducted amid growing concerns over systemic risks due to expanding internal and external instability factors, and it will serve as an opportunity to harmonize and balance proactive and reactive supervision." It added, "Considering that Woori Financial Group is a Domestic Systemically Important Bank (D-SIB), the inspection will focus on comprehensively reviewing vulnerabilities identified through ongoing monitoring along with management evaluations and ensuring their prior improvement."

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