Financial watchdog chief urges risk management in new year

SEOUL, Dec. 31 (Yonhap) -- The head of the financial watchdog said Monday that he will prioritize the management of potential risks in the financial sector in the new year to better support economic growth.

Financial Supervisory Service (FSS) Gov. Yoon Suk-heun made the pledge in his New Year's message, saying that a financial crisis "could break out at any time."

"We have to guard against the possible spread of shocks in the financial system to the real economy," Yun stressed, vowing to establish "fair and transparent rules in the financial sector."

The chief also warned of "stern measures against any disruptive acts" in order to enhance the protection of financial customers and boost public trust in the market system.

"We will further strive to encourage financial institutions to establish and operate internal control systems more fully, which will help consolidate the basis of the autonomous system in the financial industry," Yun noted.

graceoh@yna.co.kr
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