The Copenhagen Compliance Corporate Governance Framework 2014
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.
The Copenhagen Compliance 2014 initiatives for good governance focus on:
- Encouraging shareholder engagement
- Enhancing transparency between companies and investors
- Accountability in facilitating cross-border operations of global undertakings
- Communicating the principles and methodology of self-regulation and monitoring
- Heightening awareness and CSR footprint in the business community
The annual GRC disclosure statement should include:
- A commitment to conform to the Copenhagen Compliance principles and practices on a comply or explain basis
- An indication of the leadership team of the business, identifying the most senior members of the board and management and their individual contribution to the enhancement of GRC values in the past year
- A clear indication of the GRC performance is evidenced, with an attribution analysis to indicate how much of the value enhancement achieved on GRC knowledge and the GRC values from their strategic and operational management of the business
- Under the section of the other GRC values of the business, primarily based on the Copenhagen Compliance principles, a separate report is devoted to the organizations approach to the handling of conflicts of interest issues, Bribery, Fraud and Corruption and to Corporate Social Responsibility or Environment Social Governance
The above information should be drawn on in high quality evidence-based GRC assessments that has been efficiently and proactively deployed in the past year. The overall goal should be to create an internal team or centre of excellence on GRC issues with guidelines on significant GRC contribution to filling of any GRC void that currently exists in terms of transparency, accountability, credibility and authority.
The Copenhagen Compliance CERP review process will be able to generate GRC disclosures so that the findings can be adapted as GRC priorities for the following year for a continued, timely, effective and accurate GRC development within the business.
Given the cross-border nature of GRC, Copenhagen Compliance provides an annual GRC reference benchmark to be used in the Copenhagen Compliance® GRC narrative structure.
