Through a comparative analysis of disclosure requirements in other prominent markets, HKEX disclosure requirements in risk management and internal control (RMIC) are among the most comprehensive globally. This sets a benchmark for corporate governance over RMIC with the implementation of its revised Corporate Governance Code (CG Code), effective for financial years beginning on or after 1 July 2025. Jointly published by KPMG and The Hong Kong Chartered Governance Institute (HKCGI), this report explores how the revised CG Code places greater emphasis on board accountability, transparency, and structured oversight of RMIC systems.
Based on a survey of over 600 listed companies, the report finds that more than 90% of respondents expect the revised CG Code to impact board practices in reviewing RMIC systems, with a quarter anticipating a significant effect. The new Mandatory Disclosure Requirements (MDRs) call for more comprehensive and transparent disclosures, including scope of annual reviews, detailed review findings and responsibilities among internal departments and external parties.
This publication provides practical guidance for boards and management on implementing effective reviews of RMIC systems, and leveraging assurance mapping. It also offers a comparative analysis of disclosure requirements over RMIC in other major markets, underscoring Hong Kong’s leadership in advancing good governance.
Download the report to understand the essential elements of effective RMIC oversight and how Hong Kong’s enhanced CG Code is strengthening stakeholder confidence and reinforcing the city’s status as a leading international financial centre.
