GOVERNANCE RISK MANAGEMENT AND COMPLIANCE ISSUES
Management guru's continuously propagate that if you want to follow in other managers footsteps, you focus on best practices. However, if you want to be at the cutting edge and want to be a though/thoughtfull leader, think outside the box. The current Pope Felix' actions are often unconventional and outside the box. Now the corporate governance guru's will say; if it's good enough for the pope, It should be good enough for YOU!
Boards of directors are under huge oversight and stakeholder scrutiny and are now operating in a heavily regulated environment. The focus on Governance, Risk Management, Compliance and IT Security results in unprecedented volumes of data and information –which the board of directors have to process, understand and analyse under tight deadlines, in order to give good advice to management or make critical business decisions.
Copenhagen Compliance® narrative framework annual Governance; Risk Management, Compliance and IT-Security (GRC) review, is available on the member company's website. It is a significant means of stakeholder communication on the company's GRC values that inform the GRC approach to business and the governance of the operation. The Copenhagen Compliance GRC narrative structure can also be included in the annual report as a supplement.
CORPORATE SOCIAL RESPONSIBILITY ISSUES
We continue our series on Global Tax Governance as a GRC component to clear the confusion and misperception between tax avoidance and tax evasion. Multinationals like Google, Starbucks, Vodafone or Amazon, have been publicly humiliated for the alleged accusations on tax avoidance. Most multinationals will focus on extensive disclosures in the annual reports specifically related to the amount they are paying with details like to whom and for what.
All Governance, Risk Management, Compliance and IT Security (GRC) transactions must be fit for purpose, process and people. They must be conducted with professionalism be it a project or product by all partners. All of these 7 P’s must cover outstanding GRC components e.g. integrity and ethics, committed to the future of the business and stakeholders welfare.
The jury is no longer out on the importance of Corporate Social Responsibility (CSR). Most directors and managers agree that CSR is now an important element for the sustainability of any business and plays a significant role in the board of directors and management responsibilities.
IT SECURITY ISSUES
A significant number of Information risks components 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 organisations have sloppy employees.
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, inexpensive and more personalised content online. (Part II).
For some reason, many businesses in general but financial services in particular sit on their hands, acting as if it is business as usual, nothing has changed and does not wish to lead the game of implementing new regulatory compliance mandates. What are the risks businesses are taking with their relaxed approach to these known impending regulatory changes?
ANTI CORRUPTION ISSUES
Is your business prepared? Is your anti-corruption program as language-transparent as it should be? Are you updated on the recent developments? Copenhagen Compliance and Red Flag Group offer a free seminar on the 28th of May 2014.
Themes: Understanding and connecting disciplinary actions and processes within the business to establish cultural boundaries in Finance, Governance, Risk Management, Compliance, IT-Security and Accounting (GRC) issues. Conducting Inter-disciplinary forensics and investigation with new GRC perceptions and working collectively throughout the business and organization with IT-GRC