NongHyup Introduces First Non-Face-to-Face and Digital Agricultural Cooperative Management Diagnosis

Introduction of Non-Face-to-Face Diagnostic System Including 20 Years of Big Data Analysis

A scene from the Nonghyup Non-face-to-face and Digital Management Diagnosis Demonstration. (Photo by National Agricultural Cooperative Federation)

[Sejong=Asia Economy Reporter Moon Chaeseok] The National Agricultural Cooperative Federation (NACF) announced on the 23rd that it plans to implement remote non-face-to-face management diagnostics for agricultural cooperatives requiring proactive management risk control in response to the post-COVID-19 era, starting this month for the first time.

The non-face-to-face diagnostics is a management technique that provides necessary information to agricultural cooperatives by utilizing ▲case analysis based on 20 years of accumulated big data ▲predicting the possibility of insolvency using a management risk assessment model ▲simulations for establishing management improvement goals. It is expected to create a synergy effect with the existing field activity-centered management improvement tasks of agricultural cooperatives.

Through the non-face-to-face diagnostics, agricultural cooperatives nationwide will be able to receive timely management analysis data on a quarterly basis. Based on this, it is expected that early management stabilization can be promoted by managing various indicators and risks such as capital adequacy and asset soundness.

Lee Seong-hee, Chairman of NACF, said, "On the occasion of the 60th anniversary of our founding, we are accelerating the digital transformation of all business sectors of NACF," adding, "We will strive to become the best innovative top-tier NACF and open the era of a 100-year NACF together with farmers and the public."

NACF is also the management institution of the Mutual Finance Depositor Protection Fund. To protect members and depositors, it is actively promoting digital transformation such as introducing a non-face-to-face diagnostic system, advancing insolvency prevention systems, computerizing abnormal signs and property inspections, and establishing a two-way information sharing management channel with agricultural cooperatives.