A 45-year-old audit official "parachuted in," Bank of Shanghai officially announces the approval of a new chief auditor to take office

The latest executive personnel changes at Bank of Shanghai have been "finalized." According to the latest announcement from Bank of Shanghai, the company recently received the "Approval from the Shanghai Financial Regulatory Bureau regarding Liu Fang's qualification as Chief Auditor of Bank of Shanghai Co., Ltd." The relevant approval indicates that the Shanghai Financial Regulatory Bureau has approved Liu Fang's qualification as Chief Auditor. Unlike several executives appointed in recent years, Liu Fang has previously worked for a long time within the audit system, and as a member of the "post-80s" generation, he is young and capable. It remains to be seen what impact his appointment will have on the auditing work at Bank of Shanghai. Strong Talent from the "Post-80s" Generation Public information shows that Liu Fang was born in January 1981 and is 45 years old this year. He graduated from Wuhan University of Science and Technology with a major in Accounting, holding a Bachelor's degree in Management and a Master's degree in Engineering, as well as being a certified auditor. Liu Fang's long-term work experience has been within the audit system. He has served as a staff member and deputy chief staff member in the Financial Audit Division II of the Shanghai Special Office of the Audit Office, deputy chief staff member and chief staff member in the Financial Audit Division I; deputy director (on secondment) of the Audit Bureau of Pingwu County, Mianyang, Sichuan; deputy director of the Financial Audit Division of the Shanghai Special Office, deputy director, director, and first-level researcher of the Financial Audit Division II, among other positions. In October 2025, Bank of Shanghai announced that the board of directors decided to appoint Liu Fang as the company's Chief Auditor, with a term consistent with that of the sixth board of directors. In December 2025, when announcing the new senior management personnel, it was again mentioned that the board of directors decided to appoint Liu Fang as Chief Auditor of Bank of Shanghai. Liu Fang is awaiting approval of his qualification as Chief Auditor from the China Banking and Insurance Regulatory Commission before taking office. Increasing Importance of the Position In recent years, the Chief Auditor has become a common practice in the Chinese banking industry to strengthen corporate governance and internal control, and the importance of this position is continuously rising. Relevant information indicates that the Chief Auditor of a commercial bank is a core management personnel within the bank's internal audit system, responsible to the bank's board of directors and its audit committee. Its function aims to ensure compliance in the bank's management, effective risk management, and internal control. Specific functions include: establishing a group internal audit system based on the guidelines of banking regulatory authorities, covering all business and institutions of the bank. Formulating medium- and long-term and annual audit plans, clarifying the scope and objectives of audits, and effectively allocating audit resources (such as manpower and budget) to address the bank's major risks. Organizing audits of the bank's internal and external compliance, financial statements, risk management, and operational efficiency, covering compliance, business, risk control, and other aspects. Reporting audit results directly to the board of directors and the audit committee of the board, informing senior management of issues discovered during audits, and monitoring the implementation of audit recommendations. Evaluating significant business activities and internal control systems to enhance the transparency and governance level of corporate governance. Additionally, according to relevant regulations of commercial banks, banks should ensure that internal audit resources are sufficient; an independent internal audit department should be established; and sufficient internal audit personnel should be equipped, generally not less than 1% of the total number of employees, etc Risk Warning and Disclaimer The market carries risks, and investment should be approached with caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk