董事会治理与财务公司风险管理基于10家集团公司结构式调查的多案（board governance and risk management of financial companies based on a structured survey of 10 group companies）

董事会治理与财务公司风险管理基于10家集团公司结构式调查的多案（BOARDGOVERNANCEANDRISKMANAGEMENTOFFINANCIALCOMPANIESBASEDONASTRUCTUREDSURVEYOF10GROUPCOMPANIES）THESTRUCTUREOF10THEESTABLISHMENTOFAFINANCIALCOMPANYORSETTLEMENTCENTERGROUPINTERVIEWANDINVESTIGATIONFOUNDTHATTHECORPORATEGOVERNANCESTRUCTUREANDFINANCIALRISKCONTROLMECHANISMWITHRESPECTTOTHESETTLEMENTCENTERISMOREPERFECT,BUTASAFINANCIALRISKTAKERSOFTHEBOARDOFDIRECTORSOFTHEGROUPRESPONSIBILITYANDFUNCTIONINTHERISKMANAGEMENTOFWEAKENEDTHEGOVERNANCESTRUCTUREOFTHEFINANCIALCOMPANYITSELFNEEDSTOBEOPTIMIZEDTHERISKMANAGEMENTABILITYOFTHEBOARDOFDIRECTORSISINSUFFICIENTTHELACKOFACOMPLETESYSTEMOFRISKMANAGEMENT,SUCHASTHEVACANCYOFINSTITUTIONALSETUP,THELACKOFSYSTEMPROCESSANDTHEWEAKENINGOFMANAGEMENTEXECUTIONTHERISKMANAGEMENTCANNOTBEEMBEDDEDINTHEPROCESS,THEBOARDOFDIRECTORSINTHERISKMANAGEMENTPERFORMANCEANDTHEEFFECTOFWORRYING,WHILETHERISKMANAGEMENTINFORMATIONSYSTEMFUNCTIONCANNOTMEETTHEREQUIREMENTSOFRISKMANAGEMENTINTHISPAPER,THEBOARDGOVERNANCERECOMMENDATIONSFORRISKMANAGEMENTOFFINANCIALCOMPANIESSETTLEMENTCENTERSAREPROPOSEDTHEBOARDOFDIRECTORSOFTHECOMPANYSRISKMANAGEMENTFINANCIALSETTLEMENTCENTERGOVERNANCEOFFINANCIALCOMPANIESANDSETTLEMENTCENTERASTHEMAINMODEANDGROUPSINTERNALCAPITALMARKETALLOCATIONOFTHE“CENTRALNERVOUSSYSTEM“INRECENTYEARS,TENSOFTHOUSANDSOFBUSINESSAPPLICATIONS,ANDAROUSESOURACADEMICCIRCLESANDPRACTICALCIRCLESANDTHEGOVERNMENTSATTENTIONHOWEVER,INREALITY,AGROUPOFENTERPRISESTOENJOYTHEFINANCIALSETTLEMENTCENTERANDINTERNALRESOURCEALLOCATIONANDFINANCINGFACILITIESATTHESAMETIME,BECAUSEOFITSSHAREHOLDINGSTRUCTURECOMPLEX,STRATEGICDEVELOPMENT,DIVERSIFICATIONOFCORPORATEGOVERNANCETRANSFORMATION,ANDITSYSTEMDIVERSIFICATION,FACINGTHEDOMESTICANDFOREIGNCOMPLEXFINANCIALENVIRONMENT,CAPITALCENTRALIZEDRISKCONTROLTHECHALLENGESOFDEVELOPMENTGROUPTHEONLYRISKMANAGEMENTFORSINGLELEVEL,SINGLEBUSINESSANDSINGLETECHNOLOGY,ORFORTHEENTIREGROUPOF“MANUAL“RISKMANAGEMENTSYSTEMARRANGEMENTTOMAKERISKMANAGEMENTMOREDIFFICULTTOREALLYPLAYAROLE,TOCOPEWITHCHANGINGFINANCIALENVIRONMENTTHEIMPLEMENTATIONOFCENTRALIZEDMANAGEMENTOFFUNDSFORTHEGROUPAFTERGROUPTOBRINGGREATERRISKHOWWILLTHELEVELOFIMPLEMENTATIONOFEFFECTIVERISKMANAGEMENTFROMTHEBOARDOFDIRECTORS,THENEGATIVEEFFECTBROUGHTBYTHECENTRALIZEDSETTLEMENTOFFUNDSISREDUCED,THESEGROUPSNEEDTOKNOWANDNEEDTOSOLVETHEPROBLEMBASEDONTHISMETHOD,WEUSEDASTRUCTUREDQUESTIONNAIRESURVEYANDINTERVIEWS,INVESTIGATIONFOCUSEDON10DOMESTICIMPLEMENTATIONOFSETTLEMENTCENTERORFINANCECOMPANYOFLARGEANDMEDIUMSIZEDENTERPRISES,INCLUDINGMINING,ENERGY,ELECTRICPOWER,METALLURGY,PACKAGINGTECHNOLOGY,TOURISMANDOTHERINDUSTRIES,HAS8STATEOWNEDENTERPRISES,INCLUDING2PRIVATEENTERPRISES,TOOBTAINFIRSTHANDINFORMATIONWEATTEMPTEDTOBOARDLEVELANALYSISGROUPINTHERISKCONTROLOFTHESTATUSQUOANDPROBLEMSOFTHEIMPLEMENTATIONOFFUNDCENTRALIZEDCONTROL,TOREEXAMINEANDANALYZEPOSITIONING,BOARDOFDIRECTORSINTHEFINANCIALCOMPANYORSETTLEMENTCENTERRISKMANAGEMENTROLEANDRESPONSIBILITYFORTHEESTABLISHMENTOFTHEGOVERNANCEOFTHEBOARDOFDIRECTORSOFFINANCIALCOMPANYBASEDONTHESETTLEMENTCENTERTOLAYTHEFOUNDATIONOFRISKMANAGEMENTSYSTEMRISKMANAGEMENTTHEMAINROLEANDEMPHASIZESTHERISKMANAGEMENTABILITYOFTHECORPORATEGOVERNANCEOFTHEBOARDOFDIRECTORSOFTHESHAREHOLDERSANDSTAKEHOLDERS,THEOBJECTOFCORPORATEGOVERNANCEISTHEOPERATORWITHTHEBOARDOFDIRECTORSANDTHEBOARDOFDIRECTORSISTHECOREOFCORPORATEGOVERNANCELIWEIAN,2005THEGOALOFCORPORATEGOVERNANCEHASGONEFROMTHEPREVENTIONOFFAILURETORATIONALDECISIONMAKING,FROMTHEPROTECTIONOFSHAREHOLDERSINTERESTSTOTHEMANAGEMENTOFCORPORATERISKMANAGEMENTXIEZHIHUA,2007THEINTERNATIONALFINANCIALCRISISPUTPEOPLETOREFOCUSONENTERPRISERISKMANAGEMENTANDSUPERVISIONOFTHEBOARDOFDIRECTORSOFTHERISK,“THEFINANCIALCRISISISTHEFAILUREOFRISKMANAGEMENTONTHEBIGGESTSHAKEUS,ANDONEOFTHEMOSTIMPORTANTISTHEBOARDOFDIRECTORSARENOTAWAREOFTHERISKFACEDBYTHECOMPANY“OECD,2009COMPLYWITHTHESITUATION,FOLLOWINGTHE“ENTERPRISERISKMANAGEMENTINTEGRATEDFRAMEWORK“COSO,2004,AUGUST2009ANDNOVEMBER,COSOISSUEDA“EFFECTIVEENTERPRISERISKSUPERVISIONTHEBOARDOFDIRECTORS“AND“STRENGTHENINGTHEROLEOFENTERPRISERISKMANAGEMENT,OBTAINTHESTRATEGICADVANTAGEOF“TWODOCUMENTS,TOSTRENGTHENTHECOMPANYSMANAGEMENTANDTHEBOARDOFDIRECTORSINTERMSOFRISKMANAGEMENT,IMPROVETHEMANAGEMENTOFTHERISKMANAGEMENTANDTHEBOARDOFDIRECTORSOFTHERISKSUPERVISIONABILITYTHEBOARDOFDIRECTORSPLAYSANIMPORTANTROLEINRISKMANAGEMENTANDBEARSOVERALLRESPONSIBILITYTHEBOARDOFDIRECTORSNEEDSTOAPPROVETHERISKPREFERENCEOFTHEENTERPRISEANDCHECKTHERISKCOMBINATIONOFTHEENTERPRISE,ANDCOMPAREWITHTHERISKPREFERENCEOFTHEENTERPRISE,UNDERSTANDTHEMOSTIMPORTANTRISKOFTHEENTERPRISEANDEVALUATEWHETHERTHERISKRESPONSEOFTHEMANAGERISAPPROPRIATETHISPAPERISSUPPORTEDBYTHESOCIALSCIENCEKEYPROJECTOFBEIJINGMUNICIPALEDUCATIONCOMMISSION,“RISKCONTROLFRAMEWORKOFGROUPCAPITALCENTRALIZEDCONTROLMODE“,AND“BEIJINGMUNICIPALHIGHEREDUCATIONTALENTINTENSIVEEDUCATIONPROGRAM“PROJECTSUPPORTTHEFINANCIALCOMPANYALSOINCLUDESTHESETTLEMENTCENTERSSETUPBYSOMEENTERPRISESTHEBUSINESSMANAGEMENTISFOCUSEDONESTABLISHINGACOMPREHENSIVEANDEFFECTIVERISKMANAGEMENTSYSTEMTOHELPTHEBOARDSTRENGTHENSUPERVISIONRESPONSIBILITIESTHEBASELCOMMITTEEONBANKINGSUPERVISIONIN2006ISSUEDTHE“COREPRINCIPLESEVALUATIONMETHOD“DRAFTPRINCIPLES7“RISKMANAGEMENTPROCEDURES“CLEARLYPOINTEDOUTTHAT“THERESPONSIBILITYOFTHEBOARDOFDIRECTORS,BOARDOFDIRECTORSCANENSURETHATTHEBANKANDTHEBANKGROUPHASDEVELOPEDRISKPOLICIES,PROCEDURESANDRELATEDLIMITS,TOENSURETHATSENIORMANAGEMENTINACCORDANCEWITHTHEAPPROVALOFTHEBOARDOFDIRECTORSTHESTRATEGYTOMONITORANDCONTROLALLSUBSTANTIALRISKSTHROUGHNECESSARYMEASURES“ATTHESAMETIME,INTHESAMEYEARRELEASED“STRENGTHENINGCORPORATEGOVERNANCE“INPUTFORWARD8SOUNDCORPORATEGOVERNANCEPRINCIPLES,7OFWHICHAREONTHEBOARDOFDIRECTORSANDITSMEMBERSREQUIREMENTSANDRESPONSIBILITIES,INCLUDINGTHEROLEOFUNDERSTANDING,STRATEGICOBJECTIVESANDVALUESTANDARDIMPLEMENTATION,THEIMPLEMENTATIONOFTHEEXECUTIVEACCOUNTABILITYSYSTEM,INTERNALAUDITANDSUPERVISIONTHEROLEOFINTERNALCONTROL,COMPENSATIONPOLICYRATIONALIZATION,THEOPERATIONOFTHEBANKSTRUCTUREUNDERSTANDING,2006CHINABANKINGREGULATORYCOMMISSIONISSUEDTHEREVISED“ENTERPRISEGROUPFINANCECOMPANY,“MANAGEMENTMEASURES“OFCORPORATEGOVERNANCEOFSTATEOWNEDCOMMERCIALBANKSANDTHERELEVANTSUPERVISIONGUIDELINES“ANDTHESASACISSUEDIN2009“THECENTRALBOARDOFPILOTENTERPRISEBOARDSTANDARDOPERATIONPROCEDURES“AREEMPHASIZEDINTHEBOARDOFDIRECTORSOFTHECOMPANIESORTHEROLEANDFUNCTIONOFRISKMANAGEMENTTHEBOARDOFDIRECTORSGOVERNANCESTRUCTUREANDMECHANISMOFFINANCIALRISKMANAGEMENTCOMPANYSETTLEMENTCENTERBASEDONSTRUCTUREDINTERVIEWS,ANALYZEDASANINDEPENDENTSUBSIDIARYOFTHEGROUPFINANCIALCOMPANIESFROMTHEBOARDOFDIRECTORSGOVERNANCESTRUCTURE,GOVERNANCEMECHANISMANDGOVERNANCEACTIVITIESISHOWTOIMPLEMENTTHERISKMANAGEMENTSTATUSQUOANDEXISTINGPROBLEMS,ASWELLASTHEFUNCTIONALDEPARTMENTSOFTHEGROUPSETTLEMENTCENTERTHEBOARDOFDIRECTORSOFTHEGROUPANDTHEDEFECTSOFGOVERNANCESTRUCTUREANDMECHANISMOFROLEINRISKMANAGEMENT,DESIGNFORFINANCIALCOMPANIESTOPROVIDEPOLICYRECOMMENDATIONSSETTLEMENTCENTERRISKMANAGEMENTSYSTEMGROUPSUBSIDIARYCOMPANYFINANCIALSETTLEMENTCENTERBACKGROUNDRESEARCHOBJECTOFOURSTUDYINCLUDEACHINESEMININGGROUP,CHINAAPOWERGROUP,AGROUPOFSCIENCEANDTECHNOLOGY,ACHINESECHINESEENERGYGROUP,CHINAMETALLURGICALGROUP,ABUILDINGINBEIJINGHEBEIGROUP,ANENERGYCOMPANY,ACOALGROUPANDOTHEREIGHTLARGESTATEOWNEDENTERPRISESANDATOURISTGROUPANDASHANGHAIPACKAGINGGROUP,TWOPRIVATEENTERPRISESTHETOP5OFTHESEGROUPSHAVESETUPFINANCIALCOMPANIES,ANDTHEOTHER5HAVESETUPSETTLEMENTCENTERS,INCLUDINGONEFINANCIALCOMPANYANDASETTLEMENTCENTERIN1992THEFINANCIALCOMPANYSETUPTHEFIRSTTIME,MOSTLATE2007,MOSTOFTHEGROUPFINANCECOMPANYWHOLLYOWNEDORHOLDINGFORM,SETTLEMENTCENTERISADEPARTMENTOFTHEFIVEGROUP,ONLYONEWILLBEARRANGEDINTHEINDEPENDENTFINANCIALSETTLEMENTCENTEROVERALL,OURCOUNTRYENTERPRISESETTLEMENTCENTERANDFINANCIALSECTORMOSTWITHTHEESTABLISHMENTOFCENTRALIZEDPAYMENTDEPARTMENT,THECAPITALOFTHECOMPANY,FINANCECOMPANYBASICALLYBELONGSTOTHETREASURERTYPEFUNDMANAGEMENTINSTITUTIONS,ISTOEXPANDTHESETTLEMENTCENTER,FROMALLFINANCIALCOMPANIESASWELLASTHEGAPBETWEENTHEPARTOFTHEGROUPISATTEMPTINGTOPROVIDECREDITSERVICESANDINVESTMENTBANKINGFINANCIALCREDITCONSULTANTSANDOTHERFUNCTIONS,THEREALIZATIONOFINDUSTRIALCAPITALANDFINANCIALCAPITALINTEGRATION,FROMTHEMEMBERSOFTHEGROUPOFSERVICESTOALLMEMBERSOFTHESUPPLYCHAINBASEDONFINANCIALSUPPORT,FINANCIALCOMPANIESINCHINATHEREISAGREATSPACEFORDEVELOPMENTSEETABLE1THESOURCEANDSCALEOFOWNERSHIPSTRUCTUREANDTHEBOARDOFDIRECTORSOFTHECBRCACCORDINGTOTHEPROVISIONSOFTHE“MEASURES“OFTHEFINANCIALCOMPANYOFENTERPRISEMANAGEMENT,OURCOUNTRYFINANCECOMPANYSHALLBEATTACHEDTOAPARENTCOMPANY,THEPARENTCOMPANYHASTHEOBLIGATIONTOBEARTHEFINANCIALRISKOFFINANCIALCOMPANIES,COMPAREDTOGE,ALLTHEMEMBERSOFTHESUPPLYCHAINSERVICEASTHEMAINBUSINESSOFMULTINATIONALGROUPTHEFINANCIALCOMPANY,CHINASCURRENTFINANCIALCOMPANYMAINLYAFFILIATEDSERVICESGROUPINTERNALFINANCIALCOMPANIES,FROMTHEFUNCTION,SCOPEANDFOCUS,SERVICEANDEQUITYSTRUCTUREDETERMINESTHEFINANCIALCOMPANIESINCHINABELONGTOASPECIALGROUPOFNONBANKFINANCIALINSTITUTIONSALTHOUGHISASUBSIDIARYOFITSSUBSIDIARIES,ASSUMETHECENTRALSYSTEMOFINTERNALANDEXTERNALFINANCIALRESOURCESALLOCATION,FINANCINGANDCAPITALINTENSIVEMANAGEMENTTHEREFORE,THERISKOFCHINASFINANCIALCOMPANIESSHOULDBESHAREDBYTHEBOARDOFDIRECTORSANDTHEBOARDOFDIRECTORSTHERISKMANAGEMENTANDCONTROLENVIRONMENTOFFINANCIALCOMPANIESSHOULDOBSERVETHEBOARDSTRUCTUREANDOPERATIONALEFFICIENCYOFTHEFINANCIALCOMPANYITSELF,ANDALSOOBSERVETHEEFFICIENCYOFTHEGROUPBOARDOFDIRECTORSONITSMANAGEMENTCONTROLTHEREFORE,THEMAINBODYOFRISKMANAGEMENT,BESIDESTHEBOARDOFDIRECTORSOFFINANCIALCOMPANIES,ALSOPLAYSANIMPORTANTROLEINTHEBOARDOFDIRECTORSOFTHEGROUPFROMTABLE2,ONLYONEIMPLEMENTATIONOFTHEREFORMOFCORPORATIONSYSTEMSETUPTHEBOARDOFDIRECTORSOFTHEGROUPTOIMPLEMENTFINANCIALCOMPANYGROUP,THEOTHER4ARETHEPARTYUNDERTHELEADERSHIPOFGENERALMANAGERRESPONSIBILITYSYSTEM,5ONLYAMININGGROUPOFDEPARTMENTSINTHEESTABLISHMENTOFRISKMANAGEMENTDEPARTMENTTHROUGHINTERVIEWSFOUNDTHATLARGESHAREHOLDERSFINANCIALCOMPANYISTHEPARENTCOMPANYOFTHEGROUP,THEWAYTHEPROVISIONSOFARTICLEEIGHTH,APPLYFORTHEESTABLISHMENTOFAFINANCIALCOMPANY,PARENTCOMPANYOFTHEBOARDOFDIRECTORSSHALLMAKEAWRITTENCOMMITMENTTOEMERGENCYPAYMENTDIFFICULTIESINFINANCIALCOMPANIES,ACCORDINGTOTHEACTUALNEEDTOSOLVETHEDIFFICULTYOFPAYMENT,THECORRESPONDINGINCREASEINCAPITAL,ANDSPECIFIEDINTHEFINANCIALARTICLESFINANCIALCOMPANIESAREACTUALLYINTHEHANDSOFTHEPARENTCOMPANIESTHISOPTIONDETERMINESTHECHARACTERISTICSOFTHECOMPANYSFINANCIALRISKBYTHECOMPANYBOARDOFDIRECTORSANDTHEBOARDOFDIRECTORSOFTHECOMPANYTOUNDERTAKEFINANCIAL,FINANCIALCOMPANIESMAINLYPROVIDESERVICESFORMEMBERSOFTHEGROUP,HASBEENEXTENDEDTOOTHERENTERPRISEEXTERNALSUPPLYCHAINTHEREARENOQUALIFIEDINSTITUTIONALINVESTORSINVOLVEDINTHEFINANCIALCOMPANYSSHAREHOLDERS,ANDTHEOWNERSHIPSTRUCTURENEEDSTOBEFURTHEROPTIMIZEDTABLE2THEIMPLEMENTATIONOFFINANCIALCOMPANYSBOARDOFDIRECTORSOFTHEGROUPANDTHERISKMANAGEMENTDEPARTMENTOFTHEBOARDOFDIRECTORSOFTHEGROUPPARTYUNDERTHELEADERSHIPOFGENERALMANAGERRESPONSIBILITYSYSTEMGROUPSETUPTHERISKMANAGEMENTDEPARTMENTOFAMININGGROUPISCHINESECHINESEISAPOWERGROUPISANONCHINESETECHNOLOGYGROUPWHETHERACHINESEENERGYGROUPWHETHERAMETALLURGICALCHINESEGROUPISNOTTHETABLEBOARD3THECOMPANYWILLFINANCETHESIZEANDCOMPOSITIONOFAVERAGEVALUEOFTHEMAXIMUMANDMINIMUMVALUEOFTHENUMBEROFDIRECTORSOFTHEINDEPENDENTDIRECTORSOFINDEPENDENTDIRECTORSNOTE5THEESTABLISHMENTOFFINANCIALCOMPANIESOFTHEGROUPIN4BYTHEGROUPCHIEFACCOUNTANTORFINANCIALDEPARTMENTMANAGERASCHAIRMANORVICECHAIRMANFROMTHESTRUCTUREOFTHEBOARDOFDIRECTORSOFFINANCIALCOMPANIES,THEREISROOMFORFURTHEROPTIMIZATIONTHESEFINANCIALCOMPANIESONLY2HASANINDEPENDENTDIRECTOR,THEOTHER3WERENOTSETUPINDEPENDENTDIRECTORS,ALLDIRECTORSACCOUNTEDFOR47,ANDTHE5GROUPISCHAIRMANOF4FINANCIALCOMPANYHELDBYTHEGROUPCHIEFACCOUNTANTORFINANCIALDEPARTMENTMANAGER,ANAPPOINTEDBYTHESASAC,THEOTHERDIRECTORSFROMTHESHARESOFTHEGROUPSUBSIDIARYMANAGEMENTTHUS,WEBELIEVETHATALTHOUGHTHEFINANCIALCOMPANYHASESTABLISHEDTHEBOARDOFDIRECTORS,BUTITSINDEPENDENCEISSTILLQUESTIONED,ONTHEOTHERHAND,ITFURTHERSHOWSTHATTHEGROUPHASASTRONGVOICETOTHEBOARDOFDIRECTORSOFTHEFINANCIALCOMPANYTHESETTLEMENTCENTERISAFUNCTIONALDEPARTMENTWHICHBELONGSTOTHEGROUPANDREPLACESTHEGROUPTOEXERCISETHEGROUPSOVERALLFINANCIALRESOURCESALLOCATIONANDPARTOFTHEINVESTMENTANDFINANCINGTHEOWNERSHIPSTRUCTUREANDBOARDSTRUCTUREOFTHEPARENTCOMPANYWILLHAVEAGREATERIMPACTONITSRISKMANAGEMENTFUNCTIONFROMTHEOWNERSHIPSTRUCTUREOFTHEPARENTCOMPANYOFTHESETTLEMENTCENTER,THESHAREHOLDINGRATIOOFTHEOTHERTHREEGROUPSISMORETHAN50EXCEPTTHETWOPRIVATEGROUPSTHROUGHINDEPTHINTERVIEWSFOUNDTHATTWOPRIVATEGROUPSALSOSHOWEDABSOLUTECONTROLPOSITIONWHETHERITISSTATEOWNEDORNONSTATEOWNED,THEREAREWIDESPREADPROBLEMSOFLARGESHAREHOLDERS,THELACKOFEQUITYCHECKSANDBALANCESMAYHAVEANEGATIVEIMPACTONCORPORATEGOVERNANCEANDRISKMANAGEMENTTHEBOARDOFDIRECTORSOFTHEGROUPASTHECENTEROFTABLE4CLEARINGTHEBOARDOFDIRECTORSOFTHEGROUPSIZEANDTHEAVERAGEVALUEOFTHEMAXIMUMANDMINIMUMVALUEOFTHENUMBEROFDIRECTORSOFINDEPENDENTDIRECTORSAND3INDEPENDENTDIRECTORSPROPORTION5NOTEGROUPSETTLEMENTCENTERHAVESETUPTHEBOARDOFDIRECTORSOFTHEGROUPTHEBOARDGOVERNANCEMECHANISM,WEOBSERVEANDANALYZETHEBOARDGOVERNANCEANDRISKMANAGEMENTFROMTHETWOLEVELSOFTHEBOARDOFDIRECTORSRISKMANAGEMENTCOMMITTEEANDTHEBOARDOFDIRECTORSAUTHORIZATIONANDCONTROLMECHANISMUNDERTHEBOARDOFDIRECTORS,THESPECIALIZEDCOMMITTEEUNDERTHEBOARDOFDIRECTORSOFRISKMANAGEMENTSPECIALIZEDCOMMITTEEPLAYSANIMPORTANTROLEINTHEDECISIONMAKINGANDSUPERVISIONOFTHEBOARDOFDIRECTORSTHROUGHEXPERTANDINDEPENDENTMEMBERSINTHECOREPRINCIPLESANDEVALUATIONMETHODS,THEBASELCOMMITTEEREQUIRESTHATTHEIMPORTANTRISKMANAGEMENTMEASURESOFBANKSBEAPPROVEDBYTHESPECIALCOMMITTEECHINABANKINGREGULATORYCOMMISSIONISSUEDTHE“CORPORATEGOVERNANCEOFSTATEOWNEDCOMMERCIALBANKSANDTHERELEVANTSUPERVISIONGUIDELINES“REQUIREMENTSINTHEBOARDOFDIRECTORSOFTHESTATEOWNEDCOMMERCIALBANKSWILLINPRINCIPLESHOULDSETUPTHESTRATEGICCOMMITTEE,REMUNERATIONANDNOMINATIONCOMMITTEE,AUDITAUDITCOMMITTEE,RISKMANAGEMENTCOMMITTEEANDTHEAFFILIATEDTRANSACTIONCONTROLCOMMITTEEANDOTHERSPECIALCOMMITTEESUNDERTHEBOARDOFDIRECTORS,VISIBLE,RISKMANAGEMENTCOMMITTEEONFINANCIALINSTITUTIONSANDNONBANKFINANCIALINSTITUTIONSHASSPECIALMEANINGWEINVESTIGATEDANDINTERVIEWEDTHERISKMANAGEMENTCOMMITTEESOFTHESEENTERPRISEGROUPSOBSERVEWHETHERTHEBOARDOFDIRECTORSOFTHE5FINANCIALCOMPANIESHASTHERISKMANAGEMENTCOMMITTEEANDWHETHERTHEGROUPOFTHEIMPLEMENTATIONOFTHESETTLEMENTCENTERISUNDERTHERISKMANAGEMENTCOMMITTEETABLE55COMPANYSFINANCIALRISKMANAGEMENTCOMMITTEEANDPROJECTRISKATTITUDEISNOTCOMPLETELYTHATFINANCIALCOMPANIESRISKTHEUNDERTAKERISTHEFINANCIALCOMPANYSBOARDOFDIRECTORSANDTHEBOARDOFDIRECTORSOFTHEGROUPSHAREDFINANCIALRISKMANAGEMENTCOMMITTEEOFTHEBOARDOFDIRECTORSOFTHECOMPANYTOSETUPTHEBOARDOFDIRECTORSOFTHEGROUPARESETUPARISKMANAGEMENTCOMMITTEEANDRISKMANAGEMENTCOMMITTEESETUPUNDERTHERISKMANAGEMENTDEPARTMENTOFTABLE65SETTLEMENTCENTERGROUPRISKMANAGEMENTCOMMITTEEANDTHERISKATTITUDEOFPROJECTISNOTCOMPLETELYCONSIDEREDTHESETTLEMENTCENTERRISKFINALUNDERTAKERISTHEBOARDOFDIRECTORSOFTHEGROUPBOARDOFDIRECTORSOFTHEGROUPSETUPARISKMANAGEMENTCOMMITTEESETUPARISKMANAGEMENTMECHANISMISTHEDAILYMANAGEMENTRESEARCHGROUPOF10ALLWITHOUTEXCEPTIONTHATTHESETTLEMENTCENTERFINANCIALCOMPANIESRISK,ANDKEEPONRISKMANAGEMENTSHOULDBECAUTIOUSTHEBOARDOFDIRECTORSOFTHE5FINANCIALCOMPANIESHASESTABLISHEDARISKMANAGEMENTCOMMITTEE,ANDACCORDINGLYESTABLISHEDARISKMANAGEMENTDEPARTMENT,ATTHESAMETIMESPECIFIEDINTHEBOARDOFDIRECTORSINRISKMANAGEMENTRESPONSIBILITIESFOR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