Woori Bank Establishes Headquarters Audit Department to Strengthen Internal Controls

Organizational Restructuring Implemented
Including Platform Competitiveness Expansion and Asset Soundness Management

[Asia Economy Reporter Kwon Hyun-ji] Woori Bank, which experienced an embezzlement case involving employees amounting to 70 billion KRW, has decided to establish a dedicated department to strengthen its internal control functions. Additionally, a new organization was created to expand platform competitiveness as non-face-to-face services increase.

On the 25th, Woori Bank announced that it had carried out an organizational restructuring to enhance internal control functions such as strengthening continuous audit functions, improving asset soundness, and expanding customer experience in non-face-to-face channels, as well as to boost platform competitiveness.

First, the bank established the ‘Headquarters Audit Department’ responsible for conducting continuous audit tasks. The audit function of the internal audit organization, the Inspection Office, was separated into a headquarters-level audit function to focus exclusively on continuous audits. The aim is to build an effective internal control system to prevent financial accidents.

The ‘Customer Experience Design Center,’ which oversees the user interface (UI) and user experience (UX) of non-face-to-face channels, was also newly established. The UI and UX tasks, previously divided among several departments, have been consolidated under the Customer Experience Design Center within the Digital Strategy Group to strengthen expertise. Through this, the bank plans to enhance customer experience in non-face-to-face channels and expand platform competitiveness.

Alongside this, the bank set up the ‘Credit Management Headquarters’ to oversee post-loan management. Under the Credit Management Headquarters, the Management Corporate Review Department and Credit Management Department will focus on managing delinquent loans. By strengthening credit management through debt recovery and corporate improvement activities, the bank intends to maintain asset soundness.

In addition, the bank plans to establish the ‘New WON Promotion Department’ to newly build its app ‘Woori WON Banking’ and the ‘Trend Marketing Team’ to study lifestyle trends by generation.

A Woori Bank official stated, “Through this organizational restructuring, we will further strengthen the bank’s internal control functions while enhancing platform competitiveness centered on customer experience, continuing efforts to deliver customer satisfaction and secure a foundation for sustainable growth.”