NH Nonghyup Financial said on March 2 it has activated an emergency monitoring and response system as uncertainty related to the Middle East increases.

To respond to market uncertainty, it launched a group-level "Nonghyup Financial One-Firm consultative body" on Feb. 28. As the Middle East issue emerged, department heads of the "market-response agile organisation" held an emergency meeting on March 2.

The meeting discussed checking exposure to Middle Eastern countries, impacts on related industries, risk management measures by category as geopolitical risks rise, and support measures for related companies.

Nonghyup Financial plans to immediately operate a group-level "financial market emergency monitoring and response system" and to regularly check the impact on affiliates' financial portfolios.

It also decided to align with the government's response direction and to ensure support for affected companies and market stabilisation measures.

It plans to monitor and prepare response measures for not only impacts on related industries but also ripple effects across the broader Nonghyup group, in preparation for increased volatility in oil prices.

The One-Firm consultative body, formed under the direct supervision of NH Nonghyup Financial Group Chairman Chanwoo Lee (이찬우), operates three organisations under strategic tasks.

"Market-response agile" is responsible for responding to changes in the management environment and market uncertainty. The "mid-to-long-term insurance TF" is responsible for strengthening long-term insurance resilience, risk management and financial structure. The "core business strategy TF" is responsible for reviewing core business strategy, including customers, products and synergies.