Recently, ICBC have already identified 15 Branches as Tier-1 Branch, City Branch, Tier-2 Branch for Financial Consolidation reform pilot. This signals the start of Financial Consolidation reform pilot. ICBC spokesman said, objective of this round of Financial Consolidation reform is to build a financial management scheme of rational flow, unified standard, stringent internal control, vigorous monitoring and highly-efficient operations, such that financial behavior across the whole Bank is further standardized, with better internal control and corporate governance.

This spokesman said, this time of ICBC Financial Consolidation reform has learnt the experiences from advanced banks and Groups from home and abroad. New audit management concepts are introduced. Main details of the reform are "4 unifications": unify centralized financial details, unify centralized financial auditing, unify centralized payment management and unify centralized financial system. Unify centralized financial details refers to unify collection of all financial accounts such as operating expenses, capital expenditure, off-operation expenses, other financial account receivables and payables. Collection Bank unified responsible for operation functions as verification against voucher, financial keeping, financial audit, payment to outside, financial monitoring, and preparation of relevant reports. Unify centralized financial auditing takes financial audit center in Financial Planning Department of Collection Bank as the dedicated organization for the operation. It is responsible for all auditing affairs related to financial consolidation. Further, through effective coordinated constraint mechanism, service quality commitment system and open working system will be implemented to improve standard of financial auditing. Unify centralized payment management refers that financial audit center is responsible for making main payment to outside after reform. Former method where payments are distributed made by Collected Bank is changed. Unify centralized financial system is a complete financial consolidation system scheme instituted on a series of corresponding system and practices on the basis of unify auditing level and auditing mode across the whole bank. Purpose is to standardize audit behavior and promote the standardization of financial audit.

On the foundation of this "4 unifications", ICBC will also implement different audit control model for different audit flow in accordance with the fund flow and characteristics on all types of income and expenditure, combined with internal control and management requirements. Risks are further under control through restructuring of financial flow.

ICBC spokesman pointed out that, through Financial Consolidation Reform, it can separate the functions between operation and strategic decision-making, between audit and management, between audit entity and audited entity in space. It also promotes the change of financial audit and management functions from all-in-branch management to professional division-of-labor management. Business development and risk control are well interacted with each other. Financial audit center and Collected Bank are well interacted with each other in payment control. All of these help to further complete corporate governance of ICBC.