NH NongHyup Financial Group announced that it held the 2024 Risk Management Excellence Awards at the headquarters of NongHyup Financial Group in Jung-gu, Seoul on Nov. 19.
NongHyup Financial Group operates a risk management excellence award system to encourage the establishment of a proactive risk management system for potential risks and promote activities to risks from causing losses.
It has shared best practices with all affiliates to improve its risk system and spread a desirable risk management culture at the group level.
This year, a total of 37 excellent practices were discovered - including managing bad debt costs through preemptive responses to real estate project financing (PF) risks and improving the financial group’s capital adequacy ratio - through a system improvement and calculation sophistication.
Six of them received prizes.
The Grand Prize went to NongHyup Bank’s Credit Supervision Department for enhancing credit quality through preemptive responses to real estate PF risks.
The Credit Supervision Department conducted a full audit of all real estate PF projects involving NongHyup Bank in Korea.
The department visited and inspected problem assets on site, and enhanced the bank’s loss absorption capacity by accumulating additional provisions for projects lacking business viability.
Kang Shin-no, vice president of risk management, cited a decrease in corporate exports by industry due to the impacts of the U.S. presidential election, a sluggish restructuring of real estate PF and an increase in asset failure risks due to economic uncertainties as risk factors for 2025.
On Nov. 19, NongHyup Financial Group holds the 2024 Risk Management Excellence Awards at its headquarters in Jung-gu, Seoul. Kang Shin-no, vice president of risk management poses for a photo with the winners.
24th Consumer Rights and Interests Protection Committee Meeting
NongHyup Property & Casualty Insurance announced on Nov. 28 that it held the 24th Consumer Rights and Interests Protection Committee Meeting at its headquarters in Seoul on Nov. 27 to strengthen consumer rights and interests.
The committee makes neutral judgments on social issues and disputes related to consumer protection.
It is composed of outside experts such as lawyers, professors, and heads of consumer rights groups and outstanding members of the company’s consumer panel.
At this meeting, the committee collected the opinions of external members on financial consumer protection, including the announcement of the company’s selection as an excellent Korean company in financial consumer protection plans to strengthen internal dispute mediation.
It gave advice on consumer protection-related issues.
“I believe that financial consumer protection is the core value of a financial company,” said Seo Guk-dong, CEO of NongHyup Property & Casualty Insurance. “We will actively listen to consumers’ voices and place top priority on consumer rights and interests.”
WACON 2024 Personal Information Protection Committee Chairman’s Award
NH Capital announced on Nov. 25 that it was selected as an excellent cybersecurity company at the WACON 2024 held at the National Assembly Hall in Seoul, taking home the Personal Information Protection Committee Chairman’s Award.
The WACON 2024 is an event co-hosted by the Association of Korean Journalists and the National Assembly’s Forum for Structural Reform for Sustainable Growth to recognize outstanding companies that are leading the way in protecting customers’ assets from cyber-attacks and preventing damage from such cyber-attacks and contributing to the development of the security industry.
NH Capital operates an advanced management system suitable for the life cycle of customer information from collection to use and disposal to strengthen customer information protection.
It invests in various solutions to prevent infiltration from outsiders, pumping up its efforts in both administrative and technical security.
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