The results of the selection of "Risk Management 2008" organized by Asia Risk were announced recently, ICBC won "Best Risk Management Award in China's Mainland" and Wei Guoxiong, the Chief Risk Officer of ICBC was entitled as the "Best CRO" in Asia area. It is said that the title "Best CRO" was awarded to ICBC under the successive two years of unavailability and it was the first time that a China bank CRO won the title.
It is reported that after the successful IPO in Hong Kong and Shanghai in October 2006, under the brand-new corporate governance structure, around the shift of risk management philosophy, construction of risk management organization frame, building of risk management policies and regulations, development and application of risk management quantification technology as well as other aspects, ICBC has re-forged a comprehensive risk management mechanism, and been taking the implementation of New Basel Capital Accord as an important approach to gradually adopt international practices.
In 2007, the non-retailing project of ICBC's Internal Ratings Based Approach was completed; in 2008, retailing project of ICBC's Internal Rating Based Approach was completed and the core system of the market risk management has been put into production. Meanwhile, ICBC started up the high-grade measurement approach of operation risk for the first time in China.
Through unremitting efforts, ICBC has established a comprehensive risk management system that is leading in the country, relatively centralized and independent.
Asia Risk is the only one international media devoted to report financial risk management business and derivatives market in Asia area. The journal has been organizing the selections of awards around risk management in financial institutions in Asia area every year since 2000.
