Shinhan Chairman Cho says, ‘Recession should be overcome with resilience’
Shinhan Chairman Cho says, ‘Recession should be overcome with resilience’
  • Kim Min-jee
  • 승인 2020.01.06 10:52
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Shinhan Financial Group Chairman Cho Yong-byoung

"R (Recession) should be overcome with R (Resilience),” Shinhan Financial Group Chairman Cho Yong-byoung stressed at the "2020 Shinhan Management Forum" held at Shinhan Bank’s training center in Giheung, Gyeonggi Province on Jan. 2 and.

The forum was held under the keyword "What makes the best?" A total of 260 people, including Chairman Cho, executives and heads of its headquarters, attended the event.

Chairman Cho picked the "2020 SMART Project" and the "first class Shinhan" as two key challenges this year. The group’s strategic direction to succeed was defined as “F.R.E.S.H 2020” --F (Fundamental), R (Resilience, E (Eco-system, S (Sustainability), and H (Human-talent)

Among them, he cited "R" as the most important one. From an organizational point of view, R represents the power to reinvent itself by recreating its core capabilities in adversity. In other words, companies that have increased their strategic resilience will be reborn as companies with new capabilities in the course of the crisis.

Chairman Cho said that a gray rhino called "R (Recession)" and "D (Deflation)" is rushing toward Shinhan. The gray rhino hazard means that although known risk factors continue to appear, they are placed in great danger by ignoring signals.

He explained that although the fear of R is spreading around the world, there is an opportunity to leap to a higher place. In this regard, to overcome R with R, the leader stressed the need for bold determination, initiative, best results, and accumulation of experience and results of success.

In addition, Cho proposed the seven strategic tasks for this year as follows --strengthening the customer-centered "One Shinhan" system, expanding the business model for market leadership, promoting a highly sophisticated global growth strategy, shifting the focus of innovation to digital, creating sustainable and innovative financing, differentiating the ability to manage change and risk, and establishing Shinhan-oriented values.

“We hope the management forum will signal a grand journey toward first-rate Shinhan,” Cho said.

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