Woori Bank considers establishing a covert organization to inspect the state of branch operations

 

 

 

 

Woori Bank is considering establishing a covert organization to continuously monitor the state of its on-site operations in the wake of a recent embezzlement incident at one of its branches.

According to the financial sector on the 11th, Woori Bank has been thoroughly re-evaluating its related systems after replacing its compliance officer responsible for internal control through its regular personnel appointments in the first half of the year on the 5th.

Woori Bank has not only abruptly replaced the compliance officer, who is at the level of deputy president, but also strengthened the organization by appointing seven new employees at the manager level to the head office's compliance office.

They plan to push for some organizational restructuring, including the establishment of a covert organization, soon.

If this organization is launched as part of the head office, it is expected to be tasked with not only detecting simple incomplete sales but also checking overall compliance matters at front-line branches.

Considering the existing "mystery shopper" operation method, the new covert inspection is also expected to focus primarily on full inspections and sample surveys of branches, and on disciplinary actions or education for branches that fall below a certain standard.

Woori Bank also plans to reorganize the related system so that the internal control process, which has previously existed in formality, can function effectively. It is reported that they are developing a new system at the head office to scrutinize improper loans and unsound business practices at branches in detail.

Additionally, they are pushing to strengthen employee ethics education.

Earlier, Woori Bank President Cho Byeong-kyu officially apologized for the 10 billion won financial accident that occurred at a branch last month on the 19th and stated, "We will take this as an opportunity to strengthen internal control further."

Shortly after the regular personnel appointments on the 5th, he sent a message to employees stating, "As the bank president, I will take greater responsibility and do my best to restore customer trust and sales capability."

Woori Financial Group Chairman Lim Jong-ryong also recently reiterated the need for practical internal control enhancement measures to the compliance officers of the holding company and the bank during an internal meeting.

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Woori Bank considers establishing a covert organization to inspect the state of branch operations