February 25, 2024

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China: Digital Internal Control Compliance Initiative

The China Academy of Information and Communications Technology (CAICT) has officially initiated the “Internal Control Compliance Digital Promotion Initiative”. Launched under the guidance of the Ministry of Industry and Information Technology, this strategic endeavour seeks to drive the digitalisation of internal control and compliance management across organisations in China.

Amid the evolving landscape of comprehensive law-based governance strategies and regulatory policies, the imperative to fortify the digital foundations of internal control and compliance management has gained prominence.

Enterprises and institutions are increasingly embracing the potential of new-generation information technology to propel the digital evolution of internal control, contributing to the overarching goals of strengthening internal control, averting risks, and ensuring compliance.

The “Internal Control Compliance Digital Promotion Initiative” by CAICT is positioned as a collaborative effort across industries. The initiative aims to foster industry research, interpret policies, construct standards, collect exemplary cases, organise salon activities, and provide consulting services.

The objective is to establish an inclusive platform that encourages systematic, digital, and standardised construction of internal control and compliance management, ultimately steering the industry towards a progressive future.

The initiative was officially inaugurated during the 2023 Fourth New IT Governance Leadership Forum held in Beijing on December 15, 2023. Dignitaries from the Finance Department of the Ministry of Industry and Information Technology, leaders from CAICT, and representatives from various business units graced the launch ceremony, underscoring the collaborative and cross-industry nature of this transformative initiative.

Under the continued guidance of the Ministry of Industry and Information Technology, CAICT is set to spearhead the promotion of digitalisation in internal control and compliance. The initiative is now open to soliciting participation from diverse units, inviting them to contribute to the collective effort of advancing systematic, digital, and standardised construction in the realm of internal control and compliance management.

The key components of the initiative include:

  • Industrial Research: Conducting comprehensive research on internal control and compliance digitalisation, offering insights into the current state of the industry, and making informed suggestions to drive implementation.
  • Policy Interpretation: Timely tracking and interpretation of policies related to digitalising internal control compliance, ensuring that participating units stay informed about policy developments.
  • Standard Construction: Engaging in research on the digital application of internal control and compliance, creating a standardised digital system, and summarising relevant standards and specifications for widespread adoption.
  • Case Collection: Gathering exemplary cases of successful digitalisation in internal control and compliance, creating a repository of best practices, and promoting the exchange of capabilities in digital transformation.
  • Salon Activities: Regularly organising themed salon activities to facilitate industry-wide exchanges, share valuable information, discuss implementation experiences, and collectively release research findings.

CAICT’s pioneering initiative not only signifies a commitment to embracing digitalisation but also positions China at the forefront of global efforts in modern governance. By fostering collaboration, standardisation, and knowledge-sharing, the initiative aims to drive a collective and comprehensive digital transformation in internal control and compliance across the nation’s enterprises and institutions.

The digital internal control compliance Initiative holds immense significance in modern governance and organisational management. This strategic undertaking harnesses digital technologies to streamline and enhance internal control processes, fortifying compliance measures.

By leveraging innovative solutions, the initiative promotes transparency, efficiency, and accountability, ultimately safeguarding organisations against risks. The importance lies in its ability to propel businesses and institutions into the digital era, fostering a proactive approach to internal control that aligns with contemporary standards and technological advancements.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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