In an initial statement released by the IOOC on Friday, Schönborn said that he wanted to promote "professionalism, transparency and compliance with international regulations" at the Vatican Bank.
Schönborn took over the presidency of the committee from Cardinal Santos Abril y Castello, who had held this office for ten years.
Pope Francis also appointed the Swiss Cardinal Emil Paul Tscherrig to the Supervisory Commission.
Schönborn has been Archbishop of Vienna since 1995.
A few days ago, it was announced that he will retire at the beginning of 2025.
Since 2014, he has been a member of the Cardinal's Commission, which is above the Supervisory Board of the Vatican Bank. Founded in 1942, the "Institute for Religious Works" (IOR) manages the finances of its clients, which are mainly church institutions, religious congregations and diplomats accredited to the Vatican.
It does not belong to the Vatican Curia. It makes its income available to the Pope.
Unlike most banks, the IOOC does not grant loans.
In the past, the institute has been criticised due to suspicions of money laundering.
Since 2010, several reform steps have been taken to create more transparency.