Vast Talent Launches Compliance Solution for China’s Basic Standard for Enterprise Internal Control
Beijing, China, April 29, 2009 --(PR.com)-- Vast Talent, a specialized provider of compliance and performance management systems in China, today announced that it has launched a Software-as-a-Service (SaaS) solution to help listed companies comply with China’s new regulation, the Basic Standard for Enterprise Internal Control.
This regulation, which was sponsored by the Ministry of Finance, China Securities Regulatory Commission, the National Audit Office, China Banking Regulatory Commission and China Insurance Regulatory Commission, is intended to increase the effectiveness of internal controls in listed Chinese companies, thus reducing risks for companies and their stakeholders.
The Basic Standard for Enterprise Internal Control (also known as “China SOX” or “C-SOX”) requires companies listed on the Shanghai or Shenzhen exchanges to conduct self-evaluations of their internal controls, publish an evaluation report on an annual basis and hire qualified agencies to audit the effectiveness of their internal controls. The Basic Standard will apply to over 900 companies listed on the Shanghai Stock Exchange and about 800 companies listed on the Shenzhen Stock Exchange, and goes into effect on July 1, 2009.
Alex Raymond, Founder and CEO of Vast Talent, commented: “Implementing the Basic Standard will be a challenge for many Chinese companies who have not gone through this type of compliance process before. We estimate that over 2,000 listed and state-owned companies will need to comply with the Basic Standard in 2009. Our solution will help companies improve the effectiveness of their internal controls by managing corporate performance.”
Vast Talent’s C-SOX Compliance Solution allows companies to:
· Conduct management assessments of internal controls
· Create reports for internal and external auditors
· Manage documents on company policies, procedures and processes
· Deploy high quality training on risk management, compliance and corporate governance
· Ensure consistent communication and training throughout the enterprise
· Test and certify staff in knowledge of internal controls
There are three deployment packages currently available – C-SOX Intro, C-SOX Professional, and C-SOX Enterprise. All of the packages include high-quality online training and the ability to create reports and manage audiences. The Professional package includes the ability to manage documents and conducts tests of skills and knowledge. The Enterprise package allows companies to manage goals and run management assessments. These packages are designed so that clients can phase in their solution and upgrade to a different package as needed.
Key features of Vast Talent’s C-SOX Compliance Solution include:
· Performance Management: goal definition and alignment; cascade goals to other departments and managers; manage compensation guidelines in accordance with C-SOX
· Management Self-Assessment: self-assessment against pre-determined goals; conduct detailed performance appraisals
· Manage Documents: publish and manage documents on company policies, procedures and processes; sophisticated version control for complex and time-sensitive documents; assign documents to specific audiences and set completion dates
· Employee Training: consistent, high-quality online courses written by international experts; choice of e-learning courses from a library that includes Risk Management, Compliance, Corporate Governance, Anti Money Laundering and more
· Testing and Evaluation: measure knowledge and skills, manage internal and external certifications
· Reporting: generate specific reports for internal or external auditors; system audit reports
“We designed the C-SOX Compliance Solution to be low cost and easy to implement,” continued Raymond. “Given the aggressive timelines mandated for adoption, we suggest that companies review their C-SOX compliance strategies now. One of the most pressing issues is to create a culture of risk awareness, and the best way to start is by training employees on risk management, corporate governance and sound business practice.”
About Vast Talent (www.vast-talent.com)
Vast Talent helps companies become more competitive by closing their skills gaps.
Vast Talent combines world-class products and international best practice with the local support and services that companies in China require. Vast Talent’s solutions include software tools for compliance and performance management, a large library of online compliance, finance, safety and IT courses and tools for testing and assessment.
Vast Talent was founded in 2008 and has offices in Hong Kong and Beijing.
contact@vast-talent.com
+86 10 5920 8395
+852 8175 7500
www.vast-talent.com
###
This regulation, which was sponsored by the Ministry of Finance, China Securities Regulatory Commission, the National Audit Office, China Banking Regulatory Commission and China Insurance Regulatory Commission, is intended to increase the effectiveness of internal controls in listed Chinese companies, thus reducing risks for companies and their stakeholders.
The Basic Standard for Enterprise Internal Control (also known as “China SOX” or “C-SOX”) requires companies listed on the Shanghai or Shenzhen exchanges to conduct self-evaluations of their internal controls, publish an evaluation report on an annual basis and hire qualified agencies to audit the effectiveness of their internal controls. The Basic Standard will apply to over 900 companies listed on the Shanghai Stock Exchange and about 800 companies listed on the Shenzhen Stock Exchange, and goes into effect on July 1, 2009.
Alex Raymond, Founder and CEO of Vast Talent, commented: “Implementing the Basic Standard will be a challenge for many Chinese companies who have not gone through this type of compliance process before. We estimate that over 2,000 listed and state-owned companies will need to comply with the Basic Standard in 2009. Our solution will help companies improve the effectiveness of their internal controls by managing corporate performance.”
Vast Talent’s C-SOX Compliance Solution allows companies to:
· Conduct management assessments of internal controls
· Create reports for internal and external auditors
· Manage documents on company policies, procedures and processes
· Deploy high quality training on risk management, compliance and corporate governance
· Ensure consistent communication and training throughout the enterprise
· Test and certify staff in knowledge of internal controls
There are three deployment packages currently available – C-SOX Intro, C-SOX Professional, and C-SOX Enterprise. All of the packages include high-quality online training and the ability to create reports and manage audiences. The Professional package includes the ability to manage documents and conducts tests of skills and knowledge. The Enterprise package allows companies to manage goals and run management assessments. These packages are designed so that clients can phase in their solution and upgrade to a different package as needed.
Key features of Vast Talent’s C-SOX Compliance Solution include:
· Performance Management: goal definition and alignment; cascade goals to other departments and managers; manage compensation guidelines in accordance with C-SOX
· Management Self-Assessment: self-assessment against pre-determined goals; conduct detailed performance appraisals
· Manage Documents: publish and manage documents on company policies, procedures and processes; sophisticated version control for complex and time-sensitive documents; assign documents to specific audiences and set completion dates
· Employee Training: consistent, high-quality online courses written by international experts; choice of e-learning courses from a library that includes Risk Management, Compliance, Corporate Governance, Anti Money Laundering and more
· Testing and Evaluation: measure knowledge and skills, manage internal and external certifications
· Reporting: generate specific reports for internal or external auditors; system audit reports
“We designed the C-SOX Compliance Solution to be low cost and easy to implement,” continued Raymond. “Given the aggressive timelines mandated for adoption, we suggest that companies review their C-SOX compliance strategies now. One of the most pressing issues is to create a culture of risk awareness, and the best way to start is by training employees on risk management, corporate governance and sound business practice.”
About Vast Talent (www.vast-talent.com)
Vast Talent helps companies become more competitive by closing their skills gaps.
Vast Talent combines world-class products and international best practice with the local support and services that companies in China require. Vast Talent’s solutions include software tools for compliance and performance management, a large library of online compliance, finance, safety and IT courses and tools for testing and assessment.
Vast Talent was founded in 2008 and has offices in Hong Kong and Beijing.
contact@vast-talent.com
+86 10 5920 8395
+852 8175 7500
www.vast-talent.com
###
Contact
Vast Talent Development Ltd
Pan Bing
+86 10 5920 8395
www.vast-talent.com
Pan Bing
+86 10 5920 8395
www.vast-talent.com
Contact
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