Woori Bank said on Feb. 1 that it signed a business agreement with Lloyd’s Register Quality Assurance (LRQA), a global certification body, to share awareness of ESG management for the sustainable growth of companies and to strengthen ESG management based on mutual understanding and cooperation.
LRQA is a global certification body headquartered in the United Kingdom. It has established more than 50 offices around the world and performs tasks such as management system ISO certification and training and the verification of climate change and sustainability reports for 148 countries.
In particular, since 1975, it has performed certification work in Korea and has been widely recognized through certification in various industries such as finance, public institutions, automobiles, and construction.
Through this agreement, Woori Bank will cooperate with LRQA to acquire various ESG-related external certifications such as International Organization for Standardization (ISO) certifications, the verification of ESG-related external disclosure reports and major policies and ISO internal auditor training, among others, in order to jointly promote various projects to strengthen ESG management.
“In order to accurately measure the results of ESG management, many of which are non-financial indicators, it is essential to measure and verify performance indicators through the acquisition of ISO and other international standard certifications,” a Woori Bank official said.
“We look forward to set up a virtuous cycle system that can verify the performances of ESG management activities according to global standards and further link them to management performances.”
Customer-First Risk Management System for Financial Investment Products
Woori Bank announced on Feb. 2 that the bank developed a risk management system for financial investment products to implement customer-oriented sales and preemptive risk management, which is one of its management strategies for 2023.
Since a private equity fund crisis in the past, Woori Bank has placed its top priority on protecting financial consumers and restoring trust.
Since July 2020, not the Fund and Trust Departments but the Risk Management Department has been in charge of monitoring investment product risks.
The Fund and Trust Departments have been only selling financial products.
Woori Bank began to develop the risk management system to proactively respond to market conditions where losses are expected to inflate and investment products with growing risk in terms of risk management based on its rich risk management know-how and to build data infrastructure for the integrated management of market, product and customer information in June 2022.
The risk management system has enabled Woori Bank to check financial market condition using financial market indicator analysis data, to promptly respond to risk management through risk early warning indicators for financial products, establish and monitor risk management scores for financial investment products and make an improvement to issue management processes such as the suspension and postponement of redemption.
Financial Education for Children in Metaverse
Woori Bank said on Feb. 9 that it will run the Bank Exploration Program in order to let elementary school students receive financial and history education during the coming spring vacation at ZEP, an online metaverse space.
Since its opening in 2004, the Woori Bank Museum of Banking History has been running educational programs on finance and financial history for children as part of its social contribution activities.
The museum’s online exhibition hall shows exhibits related to the history of banking and the history of Korean banks from their inception to the present.
By taking part in the Bank Exploration Program, children will be able to learn about finance, banking and financial history by solving quizzes at a bank branch and the museum exhibition hall in ZEP.
The educational program will be held three times in February by accepting applications at the Woori Bank Banking History Museum website until Feb. 14.
The training will be conducted online according to the guidance of an instructor after participants connect to ZEP.
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