- Jan.3, 2008
Mr. Jang-bong Choi, the Chairman and President of the KDIC, retired on January 4, winding up his 3 year tenure. Mr. Choi paved the way for the KDIC by creating the vision of ‘Becoming the World’s Leading and Reliable Expert Institution on Ongoing Risk Surveillance, Prompt Resolution and Receivership of Financial Intuitions’. Furthermore, he set out realizing that vision through planning and implementing his medium to long-term management strategy.
He also contributed to develop an effective HR management system by continuous innovations such as encouraging public recruiting and the establishment of a matrix type organization, and introducing the Balanced Scored Card (BSC) performance evaluation system.
A resolution system without suspension of financial transactions was also successfully developed. In particular, methods to resolve insolvent mutual savings banks, such as through the establishment of a bridge bank, was improved substantially. This procedure minimized the inconvenience caused to depositors and helped to maximize public fund recovery. Mr. Choi’s expertise lay the cornerstone of the deposit insurance system in Korea.
In addition, he lay the foundation for an integrated deposit insurance system through cooperation with international organizations such as the International Association of Deposit Insurers (IADI), the European Forum of Deposit Insurance (EFDI), and other investor and policyholder protection schemes.
He also developed an enterprise-wide ethical management system and endeavored to contribute to society by raising funds and founding a volunteering organization to give life to our social responsibility as a public institution.
His effective leadership contributed to the KDIC winning the award for being the most innovative agency among Ministry of Finance and Economy (MOFE)-affiliated agencies in 2006, the Prime Minister’s Award in the Innovation Contest hosted by the Ministry of Budget and Planning, and the Grand Prix prize in the Management Innovation contest hosted by the Korea Management Association Consulting in 2007.
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