CORPORATE SOCIAL RESPONSIBILITY ISSUES
Copenhagen Compliance principles and practices, OECD guidelines and other covenants encourage companies and organizations to apply the principles of responsible corporate behavior to CSR. Instead of generalizing, preventing or remedy social or good governance violations that others might have committed we recommend the promotion of a positive and proactive CSR compliance culture.
All companies must be involved in CSR activities on daily basis. However in order to create value in real terms, chart a 360° approach to get the right culture and particular perspectives. By combining the current CSR processes to the Gross National Happiness model, as we will explain at the Bhutan conference in 1-3 October 2014, we will also support and maintain the insight to integrate, embed and fix your CSR business processes together with people and technology.
In May 2013 survivors were pulled out from the rubble of a building that collapsed near Dhaka, Bangladesh. The disaster killed more than 1,000 people and led to several international agreements intended to protect workers and require factories safety as part of their CSR framework.
Promoting good governance, corporate self-reliance, personal, social and planetary happiness, health and hopes, sustainable socio-economic development, safeguarding corporate culture, saving the environment are just some of the subjects for discussion and dialog at the CSR Conference in Bhutan
BRIBERY FRAUD AND CORRUPTION ISSUES
In the fast changing- and complex business world, opportunities for a quick buck or fast tracking the path to a lucrative transaction are vast, varied and vested. However the BFC risks can be intimidating because it creates a tumor in the corporate DNA structure and BFC compliance obligations become burdensome.
Corruption is a complex occurrence in the corporate world with economic, collective, cultural and political dimensions and consequences. Without an effective policy response, it cannot be reduced or simply eliminated. There is no ‘one size fits all’ solution. Past and future newsletters will continue to focus on the most relevant BFC issues, in a business context.
GOVERNANCE RISK MANAGEMENT AND COMPLIANCE ISSUES
Outsourcing business services (especially IT) is continuing to drive the business decisions of senior leaders as economic pressures force businesses to cut costs and increase competiveness. Business leaders should avoid foregoing Business Continuity considerations when making outsourcing buying decisions. The following are five pitfalls to avoid, ensuring your business continuity needs are met and avoid mistakes when procuring IT services from external Service Providers.
More often than not, GRC and audit committees are conceived with all best intentions. Often they end up having too much on their plate, because the charter and mission statements are not updated, the committee often micromanages, and routinely substitutes the judgment of the GRC officers. This can be a source of unnecessary red-tape and an added burden on the GRC function. It becomes a filter between the GRC officers and the management or board of directors. How to avoid this dilemma will be discussed in the future newsletters.
The multinational companies like Google, Starbucks, Vodafone or Amazon, who have often been in the news for tax avoidance are not doing something wrong, as long as they disclose in the annual reports the amount they are paying to whom and for what. So that they answer, the question on what it effectively pays in taxes and in which country. However, global tax disclosures is just the beginning.
Compliance training is viewed by organisations as an area in which technology can deliver a big win. We start a 3 part series on compliance e-learning tools to provide you with engaging, cost effective and more personalised content online.
IT SECURITY ISSUES
Risks to information (Information risks) are on the management agenda because cyber-attacks command management's attention: Managing digital assets in a new socio-technology environment will explore how businesses assess and manage information risk because all organizations have sloppy employees.
EXTERNAL AUDIT ISSUES
The local audit operations of EY in Denmark were on the verge of being shattered. The local partners then formed what is interpreted by most as a reciprocal unholy alliance with KPMG's local Danish branch. Did E&Y manage to attract more than what it had lost? Is the price for survival too high? Will the natural balance and the pecking order in the audit field be resorted? Was the merger with the arch enemy the only option? These and other entertaining questions could continue like a broken record because the clients, staff and stakeholders are left in bewilderment for quite a while.
Since the Audit Committee conference last year, we have helped several businesses to function according to the Copenhagen Compliance GRC principles and practices. For audit committee, we add the extra element of accounting and auditing standards and to adopt or update an appropriate risk management framework.
The OECD released its Discussion Draft on Transfer Pricing Documentation and CbC (Country-by-Country) Reporting. What should tax executives know about this game-changing guidance?