Financial Supervisory Service Announces New Risk Management System… Challenges and Opportunities for GAs
The Financial Supervisory Service (FSS) is planning to introduce a new system to strengthen the operational risk management of financial companies. The Financial Supervisory Service (FSS) is planning to introduce a new system to strengthen the operational risk management of financial companies. A key aspect of this plan involves evaluating the sales quality of corporate insurance agencies (GAs) and differentiating the capital regulations for insurance companies based on this evaluation. This article explores the challenges that small and medium-sized GAs may face and the opportunities that may arise from these regulatory changes. The Financial Supervisory Service is taking steps to enhance the operational risk management of financial companies by introducing a new regulatory framework. On September 6th, the FSS held an inaugural meeting of the 'Financial Company Operational Risk Management Task Force (TF),' led by Senior Deputy Governor Lee Se-hoon. The task force discussed ...