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June 22nd, 2009 by China Business Success Stories
By Alex Raymond
Get IT involved early
Information Technology will play a critical role in a successful C-SOX implementation, so it is important that the IT organization understands how they will support this project. The Basic Standard for Enterprise Internal Control specifically mandates the use of IT to reduce risk and increase transparency in organizations, and successful Chinese companies will make the best use of technology resources. Embedded controls within information systems will increase compliance efficiency and improve the control structures which have been defined by the business.
The IT organization will have two roles to play in a C-SOX implementation. The first is to define their own internal controls and understand what tools are needed to manage any risks. The second role is to provide support to the rest of the organization and make sure the company’s IT infrastructure is up-to-date and meets the requirements of the business. Read the rest of “Getting a Head Start on Your C-SOX Compliance Project in China (Part 3)” or post a comment
June 22nd, 2009 by China Business Success Stories
By David DeChant
China continues to emerge on the world stage as an economic powerhouse, projected to be the world’s fourth largest economy within two years. U.S. companies, especially small to medium enterprises (SMEs), stand to benefit significantly from this growth, assuming that they are prepared to enter this highly competitive environment filled with considerable but manageable risks. Nearly 97 percent of all U.S. exports originate from SMEs—companies with fewer than 500 employees (International Trade Administration, 2006).
To enhance their chances of success, SME decision makers must understand Chinese cultures, business norms, and values, and be willing and able to adapt quickly to always-changing markets. This article should help you participate in the world’s fastest growing economy with its ever-increasing demands for premium quality goods and services. You will need to deal with the following questions: Read the rest of “Accept the China Challenge” or post a comment
June 18th, 2009 by China Business Success Stories
By Andrew Hupert
What will be the role for international entrepreneurs in China’s emerging 2-track economy?
China’s economic development is being pulled in two diverging directions as Beijing struggles to steer a course through this global recession. On one hand, collapsing international demand for Chinese exports has led policy-makers to stimulate the domestic economy with a massive state-directed infrastructure and employment-oriented spending programs. On the other hand, rational leaders know that they can’t simply write off the external economy that has underpinned China’s stunning success over the last decade.
The result is that China will transition to a new 2-track solution that attempts to chart a middle course – a carefully orchestrated set of domestic policies existing in harmony with a vibrant international, market-driven economy. Read the rest of “China Economics - The Emerging 2 Track Solution and YOU” or post a comment
June 17th, 2009 by China Business Success Stories
By Patrick O. Courtois
The Beijing Olympics have had a great impact on the city of Beijing, where a large infrastructure refurbishment initiative, fresh developments and a massive English language training campaign have been some of the elements of a drastic change and an amazing source of business opportunities for both local and foreign companies. Shanghai, with its upcoming Universal Exposition in 2010 is going through the same face-list, with the replenishment of the famous bund area, the accelerated infrastructure changes much needed to ease the megalopolis congestion problem and much more. Commercial opportunities are as well rising fast toward the May opening of the Exposition; opportunities that are being seized by both for local and foreign companies.
Read the rest of “Olympics STUFF for Beijing, Expo 2010 STAFF for Shanghai!” or post a comment
June 17th, 2009 by China Business Success Stories
By Alex Raymond
Getting started: executive sponsorship
The most important criterion for success of the C-SOX compliance project is to ensure the attention and support of the entire organization. Although responsibility for risk management and compliance ultimately sits with the CEO and Board of Directors, forward-thinking companies will push responsibility to various parts of the organization. C-SOX projects require participation from many levels of an organization, and for compliance projects to succeed, companies in China must make their staff an active participant on the integrated project team. People need to prepare materials for compliance consultants or auditors, and companies must commit staff and resources to make efficient use of outside consultants.
Read the rest of “Getting a Head Start on Your C-SOX Compliance Project in China (Part 2)” or post a comment
