The importance and value of good corporate governance in companies has long been recognized. The concept embraces establishing effective internal controls and risk management within companies and is well recognized and supported world-wide. The Committee of Sponsoring Organizations of the Treadway Commission ("COSO") has also established fundamental guidelines as to how companies should be directed and controlled.
Successful enterprises understand and manage risks associated with their businesses and operations. We believe that good corporate governance relies on a good culture, and setting the right "tone at the top". Commitment is certainly required, and those at the top must accept that there are changes to be made and reallocate resources to incorporate those changes.
How our services benefit you - steps for a basic framework
There are innumerable internal control measures available and risk management can take on a wide scope, and is not confined only to financial risk management. We can provide practical advice for your business such that achieving effective corporate governance can be done in the most cost-effective manner.
1.
Planning – taking a bird's-eye view, we aim to understand the functions and responsibilities of each department/division, and walk-through systems, observing controls
2.
Identify, assess and prioritize risks – financial risks, operational risks, strategic risks, environmental and others
3.
Quantification of risks – if at all possible! Assessing probability and measuring potential impacts and relationship between risks enables better risk management
4.
Adoption of organizational and financial strategies, and assessing implementation and effectiveness
5.
Training & Communications – as a continuing exercise to ensure effectiveness
As a division of the HLB Hodgson Impey Cheng Group, a firm of Certified Public Accountants, Consultants and Business Advisers, we can offer a formidable range of additional professional services. HLB Hodgson Impey Cheng has a history in Hong Kong of over 60 years.
Our association with HLB International provides access to first class audit, tax and advisory services globally. HLB International, a world-wide network of independent professional accounting firms and business advisers is represented in over 100 countries and 450 offices, covering every major jurisdiction and offering a service truly 'Global in reach - Local in touch'.
