Lee Bok-hyun "Please Strengthen Internal Control and Responsible Management"

Lee Bok-hyun, Governor of the Financial Supervisory Service [Image source=Yonhap News]

[Asia Economy Reporter Bu Aeri] On the 3rd, Lee Bok-hyun, Governor of the Financial Supervisory Service, emphasized to financial companies, "Please strive to ensure that awareness of the importance of internal control functions within organizations and responsible management is shared."

Governor Lee stated this at the 'Pan-Financial New Year Meeting' held at Lotte Hotel in Sogong-dong, Jung-gu, Seoul, in the afternoon. He said, "The voluntary efforts of the financial sector to establish a culture of responsible management and enhance internal control capabilities will be an important foundation for improving consumer trust and the mature development of the financial industry."

He also called for strengthening soundness management. He said, "As concerns about an economic recession are growing, please continue to strengthen soundness management to enhance the financial sector's crisis response capabilities in the new year."

Governor Lee emphasized, "We must also have a special sense of responsibility for the financial sector's role in supporting the real economy to restore the vitality of small and medium-sized enterprises and small business owners."

Furthermore, he added, "From the perspective of supporting livelihood stability, we will closely cooperate with related organizations to prevent unsound business practices and financial crimes that infringe on people's livelihoods," and urged, "Please renew the meaning of the role and status of finance, which is the lifeblood of the national economy."

Meanwhile, Governor Lee refrained from commenting on reporters' questions regarding the position of Sohn Tae-seung, Chairman of Woori Financial Group, on the same day.