Woori Bank Establishes "Financial Consumer Protection Committee" within Board of Directors

Woori Bank is establishing a dedicated organization for financial consumer protection within its board of directors as part of efforts to strengthen its consumer-centric management system.

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On March 12, Woori Bank announced the creation of a "Financial Consumer Protection Committee" within the board of directors to make financial consumer protection a core management value. This initiative aims to proactively implement the "Best Practices for Financial Consumer Protection Governance" announced by the Financial Supervisory Service in September of last year, and to embed consumer protection into all aspects of management, going beyond mere regulatory compliance.

Woori Bank plans to set up the Financial Consumer Protection Committee as a specialized subcommittee within the board on March 20, establishing a system for reviewing and managing consumer protection-related policies and strategies at the board level. The committee will consist of at least three members, including a director specializing in consumer protection, and will hold regular meetings at least once every six months. Its main role will be to deliberate on major issues such as management strategies, policies, and the enactment or revision of regulations related to consumer protection.

With the establishment of this committee, Woori Bank intends to reinforce its internal management system so that the perspective of consumer protection is reflected throughout the entire process, from financial product planning to after-sales management. In addition, the bank will introduce professional training programs to enhance its financial consumer protection capabilities. It also plans to develop educational courses that respond to changes in relevant laws and policies, fostering experts and spreading a consumer-centric culture throughout the organization.

Furthermore, Woori Bank will strengthen consumer protection components in its performance compensation system (KPI) to ensure that consumer protection is effectively implemented during the product sales process. To this end, the bank has established a system allowing the Chief Consumer Officer (CCO) to exercise "exclusive pre-approval rights" and "rights to request improvements" regarding KPI design, thereby reinforcing the function of preemptive checks.

Yoon Seokin, Head of the Consumer Protection Department at Woori Bank, stated, "This initiative is aimed at establishing consumer protection as a core management value," adding, "We will establish a truly consumer-centric financial culture that operates effectively throughout all stages, from product planning to after-sales management."

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