Woori Financial Group Operates On-site Advisory Panel to Strengthen Internal Controls

22 Practical Staff from Each Group Company Participated
Discussion on Compliance Monitoring and Anti-Money Laundering Measures

Woori Financial Group 2023 Internal Control On-site Advisory Team. Photo by Woori Financial Group

Woori Financial Group announced on the 28th that it will operate a 'Group Internal Control On-site Advisory Panel' to strengthen internal controls.

The Group Internal Control On-site Advisory Panel is composed of 22 compliance monitoring and anti-money laundering practitioners from each group company, with the purpose of sharing the compliance monitoring capabilities and know-how possessed by individual group companies across the entire group.

The on-site advisory panel will observe the internal control operations of group companies by attending on-site inspections of subsidiaries conducted by the holding company and propose improvement measures for any deficiencies. In addition, quarterly meetings will be held to share feedback from on-site inspections and discuss current issues related to compliance monitoring and anti-money laundering. The performance of the on-site advisory panel will be evaluated with plans to expand its operation to other areas such as financial consumer protection.

A Woori Financial Group official stated, “Since the establishment of the holding company, we have been standardizing the internal control systems that were applied differently across group companies, and through the on-site advisory panel, we aim to raise the level of operations.” He added, “The on-site advisory panel will be utilized as a platform for communication to strengthen internal controls within the group.”