Korea Federation of Saemaul Geumgo holds midterm review of inspection system overhaul

The Korea Federation of Saemaul Geumgo held a midterm review of its "Comprehensive Inspection System Overhaul" project at its headquarters in Gangnam-gu, Seoul, in late May, the federation announced Monday.

About 100 participants attended, including Hong Seong-gi, chairman of the federation's supervisory committee, along with inspection and supervision officers and staff responsible for detecting abnormal signs. The session covered the overhaul's direction and key improvements, a big data-based risk assessment model, and plans to enhance anomaly detection capabilities, followed by open discussion among attendees.

The project involves a full redesign of the comprehensive inspection system introduced in 2020, incorporating heightened demand for continuous supervision and feedback from the field. The federation is carrying out the 10 billion won (approximately $6.48 million) project in partnership with LG CNS, targeting completion in February 2027.

"This overhaul goes beyond a simple IT infrastructure upgrade — it is a core project to advance Saemaul Geumgo's risk management framework," Hong said. "By building a data-driven inspection and supervision system, we aim to become a mutual financial institution that local communities and financially vulnerable groups can trust even more."

Meanwhile, the overhaul is a follow-up measure put in place after a large-scale bank run triggered by deteriorating financial soundness in July 2023. A Saemaul Geumgo management reform committee launched under the Ministry of Interior and Safety identified strengthening continuous supervision as a key task to head off risk factors before they materialize.