Shinhyeop Central Association, Organizational Restructuring... "Responding to Changes in the Financial Environment"

The National Credit Union Federation of Korea (NACUFOK) announced on the 26th that it has implemented a new organizational restructuring to enhance efficiency, considering the uncertainties in the financial environment and management conditions. The Federation explained that both the central headquarters and regional headquarters will be reorganized into efficient and productive organizational systems to establish new growth engines.

The central headquarters will review the functions of each department and consolidate the organization. The existing structure of 10 divisions, 1 office, 24 headquarters, 2 departments, 1 branch, 75 teams, and 7 groups will be reorganized into 8 divisions, 1 office, 22 headquarters, 2 departments, 72 teams, and 2 groups.

The Director of Digital Finance will be renamed as the Director of IT. The IT Director will concurrently serve as the Chief Information Officer (CIO) and Chief Information Security Officer (CISO). IT support for credit union deposit and loan operations will be strengthened, and a new organization will be established to build a new mobile platform.

A Future Strategy Headquarters under the Planning Director will be newly established to continuously discover and promote new business ventures.

Current branches will be elevated to regional headquarters. In the Chungbuk and Jeonbuk regional headquarters, where the number of affiliated credit unions exceeds 60, support business teams and supervision teams will be newly established respectively, expanding the existing 6 regional headquarters, 4 branches, and 12 teams into a system of 10 regional headquarters and 16 teams.

An official from NACUFOK stated, “This organizational restructuring was carried out from a mid- to long-term perspective to ensure the sustainable growth of the National Credit Union Federation of Korea. Through organizational changes, we aim to improve work efficiency and productivity, strengthen the responsibility management system, promote the development of credit unions and the interests of members, and strive to become a role model leading financial cooperatives.”

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