October. 2008

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Forum of PRMIA (Professional Risk Manager’s International Association) on the topic of Operational Risk and Capital Allocation will be held on October 3, 2008 in New York City .

2008 WAPI Annual Banquet will be held on October 25, 2008 in Birmingham City , UK . And Steele wishes the banquet success .

Fall Seminar of OALI will be held on October 18, 2008 at Village Green Resort, Oregon . And Steele wishes the banquet success.

A series of training of Steele lasting for two weeks has been held with staff discussing how to provide more professional and circumspect services for corporations.

A piece of President Hai Yang’s photograph works was selected to be published in the 2009 People & Planet: Social Justice & Environment Diary from the People & Planet International Photo Competition. There were over 1,000 entries from 316 photographers in 48 countries in this competition. Please view all the pieces at http://www.e6photo.com/view.asp?picid=7908 .

Advice for Demonstration Evaluation on Credit Construction of Henan Province (Trial) was co-issued by 17 departments of Henan Province , which has defined the evaluation basis for demonstration of credit construction for the first time. Honest and promising as well as law obeying will the only standard. It is learnt that from January 1, 2009, the credit system will be added into capital market, bidding market and product trading market etc.

The Rules on Vehicle Registration mended by Ministry of Public Security is put in force from October 1, 2008. The new mended Operation Specification on Vehicle Registration prescribed that during the operation on the vehicle registration of the vehicle management department, he who is suspected for erasure or fake of the vehicle files will be turned into the vehicle suspect investigation.

Labor Contract Law of the People’s Republic of China has passed the 25th standing meeting of the State Department on September 3, 2008 and is put in force on the day of its official release on September 18, 2008.

 Anti-insurance fraud action started by the association of Public Security Department of Guangxi and Guangxi Branch of PICC was launched on September 19, 2008. And the liaison office for the anti-insurance set up by the two departments was officially founded, which means that the routine of the anti-insurance fraud has entered into the full operation stage.  

Internal Control and Risk Management

Internal control is generally defined as a process executed by the principal (the director board, management member and other staff) providing the goals of the principal with rational guarantee. The goals include effective operation, stable efficiency and financial report, and adaptation to the current laws and regulations. Internal control is combined with five factors, which are control environment, risk evaluation, control activity, information and communication, and monitoring.

Enterprise risk management was a process executed by the principal (the director board, management member and other staff), applied for strategy draw through the entire enterprise, recognizing potential items which might influence the principal, managing the risk and keeping the risk in the container of the principal risks, providing rational guarantee for the goals of the principal. The eight combined factors of the enterprise risk management are internal environment, aim setting, event recognizing, risk evaluation, risk response, controlling activity, information and communication, and monitoring. Seeing from the definition of Internal Control and Risk Management, there are three similarities between Internal Control and Enterprise Risk Management.

1. Internal Control and Enterprise Risk Management are both processes emphasizing dynamics. Both Internal Control and Enterprise Risk Management are the in step operation of the enterprise, which are management process of dynamic, continuous and developing.

2. Both of them are manual operations, covering the staff from different departments, different classes, which are not the behavior of or fulfilled by any single person or department in specific.

3. Both Internal Control and Risk Management are the needing components for enterprise management, securing the enterprise operation, supporting the operation and strategy of the enterprise.

However, Internal Control does not equal to risk management. The primary theory establishing the internal control is concentrate on the reliability of financial report, audit and monitor of the financial information, so the control is more focus on the audit and other financial dealings. Meanwhile, the theory of Risk Management has explored to every aspect involving the operation and management of the enterprise, enhancing system management of the enterprise risks with diversity facilities. COSO (Committee of Sponsoring Organizations of the Treadway Commission, the most authentic organization in the area of enterprise risk management and internal control) extends the five factors of the internal control into eight factors for risk management, which shows the exploration on the knowledge and research of risk management, and the comprehension as well as systematization of enterprise risk management comparing to internal control.

And there is no bad or good between internal control and risk management. The key point is that only when the enterprise chooses internal control or risk management fitting its own and carries out effective methods, can the running of internal control or risk management reaches the best effect.

Performance Master

Before the master of performance entered on the stage, his student told him that his shoelace was loose. The master nodded his head and got down to fasten the shoelace. After the student went away, the master got down again and untied the shoelace. A person went by saw all of that and was confused “Master, why did you loose your shoelace again?” The master replied “I’m acting as a tired traveler, who had traveled from long journey and the shoelace was loosed, which showed his tiredness and pine in details.”

“Then why didn’t you tell the student directly?”

“He carefully discovered that the shoelace was loose, and was kind to remind me, I want to protect his positive attitude and encourage him. As for why I loosen the shoelace again, I can teach him another time, because there are plenty of chances.”

One thing at a time, grab the key point, and that is the real talent.

Medical Utilization of Snow Pear

Chop the snow pear with the peel, add some water and crystal sugar, stew it, drink it after it’s cooled, which can treat cough and husky, dry of throat; coring the snow pear, fill it with Fritillaria powder 3g , braise it , eat the snow pear and drink the soup, which treat the cough and asthma; two big snow pear, lotus node 12g , pork muscle 60g , boil it with water, eat it once a day for several days, which has a specific treating effect for nosebleed; coring the snow pear, fill it with some crystal sugar, contain it in the bowl, braise it , eat the snow and drink the soup after it’s cooled, once a day, after the nine period (of nine days each) following the winter solstice, which can treat breathless cough and asthma of the seniors.

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