Woori Bank is establishing a Financial Consumer Protection Committee under its board of directors to deliberate on consumer protection policies at the board level.
The bank announced on the 12th that it will launch the Financial Consumer Protection Committee as a specialized subcommittee under the board on the 20th. The committee will comprise at least three members, including a director specializing in consumer protection, and will convene at least once every half-year. The committee will deliberate on key matters including management strategies, policies, and the enactment or revision of regulations related to consumer protection.
The move is aimed at preemptively implementing the "Best Practices for Financial Consumer Protection Governance" announced by the Financial Supervisory Service in September last year and embedding consumer protection across all aspects of management.
With the establishment of this committee, Woori Bank plans to significantly strengthen its internal management system to ensure consumer protection perspectives are fully reflected throughout the entire process, from financial product planning to post-sales management.
The bank will also introduce a training program to cultivate specialized personnel for enhancing financial consumer protection standards. It plans to develop educational courses addressing changes in relevant laws and policies to nurture experts and spread a consumer-centric culture throughout the organization.
Additionally, the bank is strengthening consumer-related elements within its key performance indicator (KPI) system. To this end, it has introduced a system granting the Chief Consumer Officer (CCO) "exclusive prior consent rights" and "improvement request rights" in KPI design, enabling thorough preliminary reviews.
A Woori Bank official said, "This measure is intended to establish consumer protection as a core management value," adding, "We will build a consumer-centric financial culture that operates effectively throughout the entire process, from product planning to post-sales management."
