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As a state-owned enterprise, COSCO decided and finished the research project titled Application and Promotion of Comprehensive Risk Management in COSCO Group and conducted the systematic researches on Guidelines for National Enterprises on Comprehensive Risk Management. In the report of the project, the group company offers detailed demonstration and annotation for the Guidelines for National Enterprises on Comprehensive Risk Management chapter with systematic explanation to theories, methods and applications used to implement the comprehensive risk management. The group originated a 16-step method to implement SASAC's Guideline for National Enterprises on Comprehensive Risk Management. As a guiding file of COSCO's companies to train and implement the comprehensive risk management, this report puts forward clear demands and goals for developing and promoting the comprehensive risk management information system in the whole system and sets the group's layout and planning to push and implement the comprehensive risk management. The project therefore provides support in technology and knowledge for the group company to establish and prefect the comprehensive risk management system in a more efficient and high quality way.
In 2006, COSCO selected COSCO Container Lines as a pilot unit to implement the comprehensive risk management. COSCO Container Lines established a risk management committee in Aug. 2005, which formulates risk-controlling approaches and performs guidance, management and supervision over risks. The process reengineering of risk management, justice risk management and investment risk management in a listed company was taken into account while establishing a Global Compact and sustainable development management system. In 2006, subject to the regulations of the State-owned Assets Supervision and Administration Commission of the State Council, in accordance with the unified deployment of the COSCO Group, the framework of the general risk control system was built up, initial information on risk control was collected, risk assessment was conducted, risk control policies were
formulated, risk control schemes were proposed and implemented and supervision and improvement over risk control were performed.
COSCO successfully completed the first-stage development of the comprehensive risk management information system, becoming the first state-owned enterprise that establishes the comprehensive risk management information systems. In 2006, the group started the second-stage development to complete the development of the sustainable development information system for social responsibility and the information system for justice risks.
COSCO applies the management innovation for material and unacceptable risks in order to deepen the comprehensive risk management.
Taking the listed companies as a breakthrough of the comprehensive risk management, COSCO appointed the executive vice president for risk management as the head of a research team for the special research named Comprehensive Risk Management of Listed Companies, called on directors of COSCO's all listed companies to jointly research the measures to implement the comprehensive risk management. Meanwhile, COSCO employs senior executives of several world-class multinationals related the supply chain to offer their suggestions for the comprehensive risk management of COSCO's listed companies.
COSCO gives the priority to the safety risk as a strategic risk. In 2006, COSCO cooperated with the DuPont's safety risk management experts in 2006, making the safety risk management meeting the international practices and further improving the management.
COSCO will drive and implement the comprehensive risk management while pushing the global compact and the sustainable development. |
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