Nordic Organisations against Bribery, Fraud, Corruption and Unethical
The consequence of globalisation and oversight controls, bribery,
fraud, corruption, (BFC) ethics, integrity and wrong behavioural issues,
have 'spun' into loads of checklists and check-the-box exercises,
without actually achieving real value to the business, transactions
or corporate culture.
Right Road and the Right Direction to address duplication, integration,
automation and streamlining of GRC issues
Instead of piecemeal consultancy solutions that put off fires,
we suggest preparing a 3-5 year plan with structured priorities on
how to document, simplify and address the duplication, integration,
and automation issues. After the initial assessment, management is
ready to implement the next generation of mainstream IT solutions
without hiring dozens of CxO or consultants.
Governance of an Exit. Corporate lessons from the Brexit referendum
A referendum is an irreversible single-point instrument that disrupts
the balance and controls of checks and balance. The crucial issue
is how questions are formed. It is not fair to ask voters if they
want lower taxes, higher welfare spending and balanced budgets. The
reply will be "yes" to all three questions, even though rational reasons
must avoid all three at the same time. Balancing the issues is fundamental
to financial decision-making. However, the referendum is not the right
tool to achieve this.
Uncertainty On Financial Regulation
What is the scope of the possible damage Brexit will do to the
planned capital markets' union?
What are the current Compliance concerns on the Market Abuse Regulation
Will the overreach of the post-crisis financial regulation continue
to have an adverse impact on growth?
New Audit Committee Stewardship Framework (Part I of II)
When things go wrong in a company, it is often due to lack of adherence,
monitoring and independent assurance of right governance processes
in the organisation. One of the primary reasons when management, the
chairman or the audit committee member is forced to say; 'we were
not aware' is often due to the undermining of trust in the financial
accounts, culture and the GRC activities to obtain confidence in the
performance. Management tools like the 'whistle-blower' function,
'compliance' and 'tone-of-the-top' are valuable however in this article
we focus on the role and responsibility of the audit committee to
avoid a corporate failure.
New Audit Committee Stewardship Framework (Part II of II)
The updated central role of the Audit Committee goes beyond enhancing
the audit quality and building confidence in the integrity of financial
disclosures. The new stewardship role of the audit committee will
be critical in creating the right environment for corporate performance
including the board's responsibility to create a platform of the business
culture of integrity, respect, accountability and transparency. Audit
committees must develop an audit strategy, to address significant
audit risks, appropriate independence and effectiveness of the external
to solve the new audit committee mandates and responsibilities
The audit committee is a cornerstone of the board of director's
duties. Its mandate now extends well beyond the oversight of financial
reporting and includes key areas that determine the organisation's
performance, risk management, compliance, accountability, the integrity
of quality data, cyber risk, and the effectiveness of internal control
over operations. The long list of oversight responsibilities gets
more complicated because the amount of time the audit committee members
can commit is often the same.
costs continue, and the fragmented approach to Compliance must discontinue.
RegComTech® provides the answer
The RegComTech® business application agenda is to customise the
technology developments. RegComTech® addresses the duplication, integration,
automation and streamlining issues, desired to address the mainstream
next generation regulatory compliance components of Governance, Risk
Intelligence, Compliance and IT-Security.
Is The New Technology With Potential For Great Compliance Rewards
Disruption is exploitation plus exploration. In this article, we
suggest that just like the implementation of Governance, Risk Management,
Compliance or IT Security (GRC) structure is a journey, both for the
customer as well as the vendor. The journey starts where customers
buy goods and services from the supplier to solve a problem. The vendor
then stretches the product to generate more income or appeals to install
more systems and e.g. links GRC services to products, a method that
is made easier by the internet of things. The journey has then started
for mutual growth and profits.
of Change Procedures Is Often the Key to a Failed IT Implementation
Change management is a structured approach aiming to alter processes,
procedures, methodologies and in individuals, teams, IT and organisations
from a current state to the desired future state by reshaping the
application of business operation/process, resources and budget allocations.
Organisation must include the activity in a statement, stipulating
those who are impacted, how to take action to be on the right path
and define the change process. A comprehensive guidance for achieving
this 'change' vision so that the change effort is successful and must
be readily available.