TISCO’s Financial Innovation Wins Top Award

 

Recently, good news came from the 2016 Metallurgical Enterprise Management Modernization Innovation Achievement Examine and Approve Conference, that eight management achievements TISCO presented got the awards. Innovation Practice Based on Cross-border Foreign Currency Pool won the first prize; EAP (Employee Psychological Assistance Program) Application in the Ideological Management of Enterprise Employees, and Construction and Practice of Large-scale Iron and Steel Enterprise Credit Sales Management System Under the New Normal won the second prize; and another five achievements including Establishment and Practice of 4.9 Limited Space Security Control System, and Construction and Implementation of Information-based Management System won the third prize.

 

Innovation Practice based on Cross-border RMB and Foreign Currency Pool is a latest achievements derived from TISCO’s capital centralized management and financial services. In recent years, by continuously innovating business ideas, expanding business areas, TISCO Finance Company reaches complete collection and centralized operation of RMB, foreign currency, notes and funds for TISCO member units. In the meanwhile, as the first international conglomerate in Shanxi Province that is qualified for cross-border RMB and foreign currency business, TISCO Finance Company makes full use of both domestic and overseas markets and resources to strengthen the centralized operation of domestic and overseas funds and expand overseas financing channels, and has achieved remarkable results in aspects of optimizing financial management and reducing financial costs. Through timely attention and effective guidance to the psychological state of individual employee, "EAP (Employee Psychological Assistance Program) Application in the Ideological Management of Enterprise Employees” promotes the physical and mental health of employees, plays a positive role in maintaining the harmony and stability of the enterprise, improves work performance, and etc. TISCO leads the national machinery, metallurgical, and building materials sectors in employee assistance, and is considered as a pioneer in Shanxi Province.  Through the credit risk management of the closed-loop before, during and after the credit sale business, the project of Construction and Practice of Credit Sale Management of Large-scale Iron and Steel Enterprises under the New Normal plays collective decision-making advantages to ensure the credible rating, reliable credit extension, and controllable risk, provides the company a strong guarantee for the steel market expansion and sustainable and stable development of production and operation.

 

Over the years, TISCO has adhered to two-wheeled drive of innovation in technology and management. Combining with their own reality, it formed a unique management model for quality, procurement, marketing, project, energy, environmental, and so on. At the same time, in the face of new trends in the development of the industry, TISCO makes further innovative exploration and practice in fields of funds operation, humanistic care and psychological counseling, security control, and information construction, which have laid a solid foundation for the enterprise to deepen reform, transform and develop.

 

Metallurgical Enterprise Management Modernization Innovation Achievement Award, organized by the China Iron and Steel Association once a year, is the highest metallurgical management prize for the summary, promotion, and application of modern enterprise management innovation achievements. It  encourages enterprise management reform and innovation, as well as promotes the healthy and sustainable development of the steel industry. In 2016, among 203 achievements that were evaluated, 101 got the award after the professional recommendation and evaluation, of which 15 won the first prize, 25 won the second prize, and 61 won the third prize.