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
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.
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
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.
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?
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