Woori Bank will create a Financial Consumer Protection Committee under its board of directors as it seeks to make consumer protection a core management value.
According to the Financial Supervisory Service on Wednesday, the bank plans to establish the committee on March 20 as a specialized subcommittee under the board. The move is intended to proactively implement best practices for financial consumer protection governance announced by the watchdog in September last year.
The committee will have at least three members, including a director specializing in consumer protection, and will meet regularly at least once every six months. It will review key matters such as management strategies and policies related to consumer protection, as well as the enactment and revision of internal rules.
Woori Bank said the new committee will strengthen internal controls so that consumer protection is reflected throughout the process, from product planning to post-sale management.
The bank will also introduce a system in which its chief consumer officer, or CCO, can exercise exclusive prior-agreement rights and the right to request improvements on the design of performance compensation systems, including key performance indicators, to ensure consumer protection functions in practice during product sales.
In addition, Woori Bank will run a professional training program to bolster consumer protection capabilities, creating courses to respond to changes in relevant laws and policies and to develop in-house experts.
A Woori Bank official said the steps are aimed at embedding consumer protection as a core management value, adding that the bank will establish a consumer-centered financial culture across the entire process from product planning through post-sale management.
* This article has been translated by AI.
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