In this latest Risk Bites issue, we pointed out the increasing reliance on third parties and the need of embedding a governance and monitoring framework to protect your business' reputation. New revenue recognition standard will be effective on 1st January 2018 where revenue will be recognised when an entity satisfies a performance obligation, based on changes in contract assets and liabilities. First CRS compliance milestone is less than 2 months away, HKFIs should expedite the compliance process, failure to comply may result in fines and/or imprisonment.
In China, automotive industry is facing speed of change and growing uncertainty, forcing companies to revisit risk management strategies. Financial Institutions in China should get ready for the OECD Common Reporting Standard. Increase use of Information Technology within Internal Audit including transforming the traditional IA function and introduce data driven and continuous auditing.