Saemaeul Geumgo Central Association Organizational Restructuring... Downsizing and Strengthening Supervision
Abolishment of 3 Divisions and Merger of 7 Headquarters
Depositor Protection Office Expanded to Treasury Structure Improvement Headquarters
Saemaeul Geumgo Central Association announced on the 12th that it held a board meeting and finalized the organizational restructuring plan for 2024.
This restructuring plan reflects the management policy and innovation proposals of the newly appointed Central Association President Kim In. The Central Association explained that the focus was on restoring the supervisory organization's original role to create a sound Geumgo.
The oversized Central Association's organizational size was reduced. Three divisions?Strategic Coordination, ESG Geumgo Management Support, and Mutual Aid?will be abolished. Seven headquarters with similar or overlapping functions, such as alternative investments, will also be consolidated. Twenty positions, including division heads, will be reduced to promote work efficiency centered on operational staff and enable swift decision-making.
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Instead, risk management functions and supervisory functions over Geumgo were strengthened to respond to uncertain financial markets. Specifically, a Chief Risk Officer (CRO) position was newly established, and the Risk Management Headquarters was elevated to a division. To actively respond to PF loans, the Geumgo Credit Finance Headquarters and Geumgo Credit Management Department were respectively upgraded to the Credit Support Division and Credit Management Headquarters. Accordingly, Saemaeul Geumgo will actively promote loan and delinquency rate management. The Depositor Protection Office was expanded to the Geumgo Structural Improvement Headquarters. Through mergers and management improvement measures for insolvent Geumgo, guidance will be provided to strengthen the soundness of Geumgo.
Saemaeul Geumgo Central Association stated, “Starting with this organizational restructuring, we plan to continuously pursue various measures such as innovation in management practices and organizational culture, as well as strengthening Geumgo soundness and supervisory systems, to become a Saemaeul Geumgo and Central Association trusted by the public.”
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