For listed companies in Hong Kong, Environmental, social and governance (ESG) reporting is now a mandatory disclosure requirement. For many, the term “ESG” describes environmental issues like climate change and resource scarcity, but the term means much more than that. It covers social issues like a company’s labor practices, talent management, product safety and data security. It covers governance matters like board diversity, executive pay and business ethics.  

 

The stakeholders may understand whether an organisation has developed strategies and action plans in responding to ESG and sustainability issues by studying the organisation's ESG report. ESG materiality assessment is an important element in the ESG reporting process as organisations could prioritise the importance and impact of certain ESG issues on their business operations.

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Internal control and risk management comprise of the plan, procedures, policies and all the co-ordinate methods and measures adopted within an organization meets its objectives, safeguard its assets, check the accuracy and reliability of its accounting data to promote operational efficiency, encourage adherence to prescribed managerial policies, and that risks that can prevent an organization from meeting its objectives are mitigated. 

 

Internal control and risk management system are responsible for checks that are on-going to make sure operational efficiency and effectiveness are achieved through the control of risks. Some risk experts even say that internal control is a part of a company’s day-to-day management and administration.

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We can help you to define your own internal control and risk management system through the set of rules, procedures, and organisational structures.

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