January. 2006

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The New Year is drawing near; Steele thanks for the Christmas cards and New Year cards from international craft brothers. Steele wishes all our friends the happiest New Year.

The <Steele Annual>, which introduced the corporate culture of Steele and daily life of its staffs, has been designed and is under print and will be finished in February.

“The Seventh Annual Meeting of Risk Management” of GAP will be held in New York City from February 28 to March 1, 2006.

In 2006, the people’s court of Haikou City in Hainan Province will adopt instant justice procedure to trial eight kinds of civil and commerce cases, which have no disputes or little disputes. In the latter half of 2006, the instant justice procedure will be popularized in the courts of Hainan Province .

Individual Credit Revolving Loan and Individual Mortgage Revolving Loan have been launched by Hunan Branch, Bank of China. The qualified client does not need to have pledge, and can apply at most RMB300000.00 for one year only with his/her credit.

Provisions on Reinsurance Management have been implemented on December 1, 2005, which is the first comprehensive and systematic provision of regulating the reinsurance market. The focus point is that the provision defined the policy request of priority churchyard reinsure of commerce reinsurance in Law of Insurance.

Jiangsu Insurance Regulatory Bureau of China Insurance Regulatory Commission approved the establishment of Jiangsu Branch of AEGON-CNOOC Life Insurance Co., Ltd, which is a joint-ventured company established by AEGON N.V. of Holland and China National Offshore Oil Corporation. It has set up sales and service center in Wuxi City and became the first Sino-foreign joint-ventured life insurance company in Wuxi City .

Interim Provisions on the Administration of Membership Securities and consultation Business will be brought into effect on January 1, 2006 and will standardize the entities’ actions, which ruined the industry reputation and the benefit of investors in providing membership service.

“Digital Interrogation Record Workstation” and “Portable Digital Encrypt Interrogation Record System”, which was developed by Institute of Forensic Science Ministry of Public Security P.R.C. and can record the whole course of trial by digital video, have been applied in Yunnan province for the first time and will be generalized to all the public security departments in China .

Risk Management

Risk management came from the United States . In 1950s, the great losses of large corporation in USA impelled the decision-making persons to realize the significance of risk management. During the following dozes of years, proper protection of employees, properties, and natural resources has developed into a new management subject, which was called risk subject in the US . In 1970s, risk management was introduced to Canada and countries in Europe and Latin America . In 1980s, risk management was brought to our country and receiving increasing attention.

The definition of risk management is various according to the different emphasises of starting points, purpose, methods and scope of risk management, which the scholars from different countries stressed on. After summarizing the various theories and based on the mainly accordant standpoints, risk management refers to the main body of management (including individuals, companies, institutions, government sectors and so on) adopts proper economic and technical methods to deal with risks so that avoid risks or minimize risks by recognition and evaluation of risks and scientific decision.

Risks can be classified by different standards from diverse point of view as following: 1) Classified by the main body of risk management, there are risk managements of individual (family), company, public institutions and so on; 2) Classified by the cause of risks, there are risk managements of technology, contingency, average, earthquake, flood, fire and etc.; 3) Classified by the loss form of risk, there are risk managements of property, responsibility, person, profit and so on.

Risk management has to be conducted according to the following procedure: 1) establishment of risk management plan, including confirming the goal of risk management, confirming the responsibility of risk management personnel, cooperation with other departments, control of risk management plan, formulating policy and strategy of risk management and so on; 2) Risk recognition, which refers to successively recognizing the various risks and analysing the underlying reason of risks by different methods; 3) Risk evaluation, which refers to measuring the probability and the loss degree of certain kind of risk; 4) Risk control. After the risk recognition and evaluation, personnel in charge of risk control must choose appropriate methods or comprehensive project to prevent or control risk. This is the key stage of risk managements; 5) Effectiveness evaluation of risk management, which refers to analysis, examination, modification, and comment of application and effectiveness of the methods used in handling risk. After eliminating risks, we should examine and evaluate the effectiveness, and modify the plan in order to adapt the new situation and strive to reach the optimal effect.     

Article resource: www.AnQuan.com.cn

How to keep a good mood 

An old woman was loaded with worries every day. Since she had two sons. One of her sons lived on sun baking salt, and the other son lived on making umbrella. When it was clear, she was afraid that her son who lived on making umbrella could not sell his umbrella. When it rained, she was afraid that another son could not bake the salt. Therefore she worried every day.

One day, a wise man told her: ‘why don’t you think from another point of view. Please think in this way. When it is clear, your son who sun bakes salt will make good money and when it rains, your son who makes umbrella will have a good day. From then on, the old woman has been happy every day.

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