August. 2007

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Hai Yang, president of Steele Business Investigation Center was invited by China Pacific Life Insurance Company and delivered a speech titled “Business Investigation in Insurance Claim Verification” on July 18, 2007.

The 82nd Annual WAD Conference will be held from August 28 to September 1, 2007 at Zurich Renaissance Hotel in Switzerland .

 The Annual Business Meeting will be held on Thursday, June 28, 2007 at 3:30 pm at the International Mark Hopkins Hotel in San Francisco , California , the site of the Annual Conference. CALI invited Mr. Hai Yang to attend the conference and elect the officers and a director for 2007-08.

Seminar of COSO (Committee of the Sponsoring Organizations) Framework for Internal Control and Risk Management hosted by China Institute of Internal Audit was held in Beijing .

In order to improve the securities regulation system in China , the priority work of Securities Regulatory Commission (SRC) this year is to actively take part in multi-level market construction, finance innovation and supporting legislation of Regulation on Administration of Future Trading. Currently, the formulating Measures of Supervision on Non-listing Companies and drafting Law of Future Exchange working with Financial and Economic Affairs Committee of NPC have been listed in the legislative plans of SRC this year.

According to China Banking Regulatory Commission (CBRC), the funds involved in illegal transactions at the nation’s top five banks totaled 38.7million during the first half of 2007, down 69% from the first half of 2006. The banks included were Industrial & Commercial Bank of China Ltd., the Agricultural Bank of China, Bank of China Ltd., China Construction Bank Corp., and Bank of Communications Co. CBRC requires hastening the establishment of rules-abiding and accountability system at banks, enhancing the punishment to related person held to be responsible. Under the system, the person liable or related to the illegal activity shall be dismissed from post or removed from name list of banks, the employees breaching rules shall compensate for the losses.

Busy Your Employees with Something Valuable

It is natural that managerial personnel love to see their employees busy. However, today they need to see the employees’ busyness in an innovative way---don’t busy your employees with nothing but something valuable to them. Software engineer Tom DeMarco once said excellent enterprises never left him impression of busyness.

To some people, they devote lots of time and energy to some so called “junk work”. For example, a university dean spends one third of his time doing work which is supposed to be done by secretaries, such as copying, typing, filling out forms, sending letters. The dean has no assistants. The above phenomenon suggests a problem which appears in an organization as a system. From the perspective of the organization, a university dean is not supposed to do those valueless works. Here it does not mean that secretarial work or assistant work is junk, but only when the person doing the work is a university dean.

Today more and more work begins to require knowledge from the employees and consequently the work effect bears no necessary relations with the worker’s busyness. If all employees always busy themselves with their jobs on hand, perhaps they will loss chances to think how they are going to do their present job better and they will also lose room to look for new business opportunities. From an individual’s perspective, if very busy, one will have no time to learn and to improve one’s ability and quality which certainly will lead to the occupation of one’s everyday life such as time to rest, to do sports, to get together with one’s family and so on. Although this won’t affect the enterprise immediately, in a long run, the enterprise will be harmed.

Recently, Professor Zhiwu Chen from Yale University Analyzed Chinese People Work Hard, but Why Don't They Get Rich? and drew a conclusion: Chinese people work hard because they have to deal with endless approval procedures and to come up with ideas to stay away from transaction risks resulted from distrust. Take managerial personnel of an enterprise for example, a too-busy manager must have been doing something that is not supposed to be done by himself. Some managers who get promoted from the position of being technician couldn’t help doing their previous job, because in that case they will be busy and the busyness will help to show their usefulness and get them sense of security psychologically. In fact, they have been escaped away from their own work and duty---management. In an enterprise, if employees have to do lots of useless work to prove their usefulness, then the enterprise operation won’t be of high efficiency.

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