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Photo courtesy of Yonhap News |
[Alpha Biz= Ellie Kim] SEOUL, June 1, 2026 — South Korea’s financial regulator has taken administrative action against Hanwha Life Insurance over inadequate management of its IT systems and delays in reporting financial incidents.
According to industry sources, the Financial Supervisory Service recently issued two “management improvement” recommendations to the insurer.
Hanwha Life had been pursuing the rollout of a next-generation IT system, but insufficient project management led to repeated delays in implementation. The regulator found that the company prematurely downsized its project management organization before completion, resulting in inadequate testing and validation.
As a result, system disruptions and program errors occurred after the launch of the new platform.
The regulator noted that large-scale IT projects inherently carry risks such as cost overruns, performance issues, and workforce turnover, emphasizing the need for more systematic and disciplined project management.
Separately, Hanwha Life was also found to have delayed reporting certain electronic financial incidents to the regulator and, in some cases, omitted key details in its disclosures.
The Financial Supervisory Service stressed that financial incidents must be reported in a timely manner and that final reports should comprehensively include all relevant information. It urged the company to strengthen its reporting framework and internal procedures to prevent omissions.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
