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Longyuan Power Convening a Development Briefing on Internal Control, Risk and Compliance Management Based on the System of Design-Practice-Assessment of Internal Control

PublishedTime:2020-05-20
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On May 19, Longyuan Power convened a development briefing on internal control, risk, and compliance management based on the system of design-practice-assessment of internal control, focusing on the popularization of the system and scheduling further progress. In the debriefing hosted by Sun Jinbiao, the deputy secretary of the Party committee and general manager of Longyuan Power, Jia Yanbing, the secretary of the committee and general manager of the company, attended the meeting and delivered a speech, as was accompanied by senior executives, including Tang Jian, Jia Nansong, Zhang Binquan, Chang Shihong, Jin Ji and Zhao Lijun.

All participants acknowledged and absorbed the audit department's scheme on the progress and supervision of the theme. The scheme jointly formulated by departments of audit, business management and legal affairs, and financial management, is built on early achievement and research on risk management to encompass the introduction of the system integrating internal control, risk, compliance management, the significance of the integration, early risk control and operation. In summary, it stipulates the objective requirement and further deployment by the practice of the system.

During the briefing, Jia pointed out that current internal and external profound changes have driven the Party and the state to raise a higher requirement for enterprises to strengthen capacities of risk control and compliance on all fronts through scientific and precision management. In this way, we can improve dynamic monitoring and real-time warning on the risk. Such national highlight efforts on the risk control could be traced back to last year’s provincial and ministerial leading cadres training held by the Party School of the Central Committee of CPC, when the General Secretary delivered an important speech on holding lines on prevention and mitigation of major risks. The session required heightened vigilance against repetition of the Black Swan and The Gray Rhino incidents, and tactics to protect against and mitigate risk challenges. As a response to the national call, vigorous efforts to advance the internal control system should be of tremendous meaning to perfect corporate institution and control system by focusing on risk management and control in key business areas and raising governance efficiency. Such measures empower the modernization of corporate governance capacities.

Jia added that the current de-administration reform carried out throughout the entire group aims at streamlining administration, delegating power and strengthening regulation, and requires to push forward the delegation of administrative power to subunits. Such efforts indicate incoming heavier responsibility and present a severe test for compliance management and efficiency improvement. That’s why we should be strongly committed to taking comprehensive measures to ward off major risks in ways that secure the progress of reform, development and stabilization.

He also stressed on inevitable legal and compliance risks arising from the devoted commitment to project development, cooperative mergers and acquisitions, and international growth on the path to the release of corporate potential and worldwide top-notch new energy supplier. In this case, stepping up the development of the internal control system stands out in systematic corporate management. It calls for close attention on the following: 1. Follow unified deployment of the group to seize opportunities for the leverage of late-mover advantage, and to closely integrate ERP information construction in a practical manner to push forward the systematic development; 2. Strengthen compliance management and raise the sense of duty and awareness to guard off risk by bettering the combination of routine management and systematic development, research and judgment of risk source, and capacities to dynamic monitoring and real-time warning; 3. Prevent from decision-making risks through securing solid work procedures and completing formalities, an effort to withstand audition, inspections and other types of supervision; 4. Put in place principles and procedures by all personnel, introduce them to the system, and persistently make improvements. I believe such devotion can lift the company's management to a higher level.

At the briefing, Sun Jinbiao brought up requirements for additional operation. He urged all departments to acknowledge the importance, necessaries and exigency of practicing the system, and called for strict compliance with the work deployment of the critical year of reform, functional performance of respective duty, and active cooperation with other departments. By doing so, suitable optimization for internal governance structure and fixed management can be achieved to rank us among the world-leading new energy manufacturers.

The debriefing attendee also included the chief engineer, general manager assistant, and deputy directors of all departments.

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