KDIC Chmn. & President Yoo Carries Out Reorganization to Stabilize Financial Systems

Chairman & President Yoo Jae-hoon of Korea Deposit Insurance Corp. (KDIC) conducted a reorganization designed to ramp up fund management and stabilize financial systems.

KDIC said on July 18 the corporation carried out a reorganization for the second half of the year.

First, KDIC has ramped up a risk management system for insured financial institutions to fully cope with market changes.

The corporation has unified regular surveillance, joint inspection and investigations based on a differential insurance premium system according to each financial sphere.

The move is designed to step up connectivity with the evaluation of each insurance premium rate so insured financial institutions can reduce risks on a voluntary basis.

Second, KDIC has met demand for protecting financial consumers, such as the easing of blind spot in the wake of the fast release of financial products, coupled with financial digitalization and convergence.

The corporation reorganized related departments so optimal deposit insurance policies can be established, and the stability of financial systems can be stepped up through strengthening of a fund operation regime.

For a systematic overhaul of the deposit insurance system in the interests of the people, policy responsibilities, such as protection coverage cap, insurance premium rates and operation duties have been consolidated into the Deposit Protection Policy Department.

An Operation Planning Team has been inaugurated at the Fund Operation Office to diversify fund management assets and ramp up asset and liability management.

The Financial Stability Task Force is expected to be utilized to grasp and cope with recently internal and external financial market issues with a special watch on the recently unstable financial market changes.

The future forward-looking foundation has been set up to make KDIC an entity that is trusted by the people.

KDIC disclosed its determination to ramp up in-house control by becoming the nation’s first financial institution to inaugurate the Responsibility Management Group responsible for in-house control and building preemptive KDIC integrated in-house control systems, such as development of in-house control modules.

KDIC Signs MOU on ESG Partnerships to Support Social Enterprises with SGI and CSES

Korea Deposit Insurance Corp. struck an MOU to jointly implement the 2023 social enterprise support project with Seoul Guarantee Insurance Company and the Center for Social Value Enhancement Studies (CSES).

KDIC has implemented the social enterprise support project every year since 2020.

In 2023, KDIC explored a collaboration model between the private and the public sectors, so the corporation has teamed up with three institutions to have synergetic effects through connectivity with related organizations.

The latest project involves the utilization of a pool of CSES’s Social Progress Credit participation companies.

Ten eco-friendly companies, specializing in climate change and greenhouse gas emission reductions, will be designated and offered a combined 200 million won, contributed by KDIC and SGI.

Chairman and President Yoo Jae-hoon of Korea Deposit Insurance Corp. has joined a relay drive to eliminate drug abuse, dubbed “NO EXIT.” (Photos: KDIC)

KDIC Chmn. Yoo Joins Campaign to Uproot Drugs

Chairman and President Yoo Jae-hoon of Korea Deposit Insurance Corp. participated in a relay drive to eliminate drug abuse, dubbed “NO EXIT.”

The campaign is being staged by Korea National Police Agency in cooperation with the Korea Association Against Drug Abuse.

NO EXIT is a nationwide drive designed to remind the seriousness of drugs and instill a sense of awareness toward the crime and prevent drug-related crimes.

Notables from several sectors of society, including Prime Minister Han Duck-soo, actor Choi Bul-am, honorable senior superintendent general, have joined in the drive.