Volume 1 | Issue VI
7th Annual European GRC Summit by Copenhagen Compliance
Scene: A Management meeting of Global Mining together with The chairman of the Board and Chairman of the Audit Committee.
Since the first Copenhagen Compliance Conference in November 2007, at the wake of the subprime loan disaster that later developed into a financial and credit crunch, there seems to be a continued need for promoting the advantages of implementing good governance, risk management compliance and IT security (GRC) best practices throughout the international business group.
Global Governance, Risk and Compliance Issues
The corporate world urgently needs legally binding international Governance agreements to facilitate the conclusion of the financial crisis and the recovery of the world economy.
The tone at the top in controlling key corporate data that ensure compliance with legal, tax, finance, stakeholders and regulatory agencies is critical.
Many critics of CEO pay dispute that the problem lies, not with the size of the pay packets but with the incentives that they create. The obscene options are meaningless unless the company's shares hit a certain price, but staggeringly profitable if they exceed it. Therefore, considerable risks to boost share prices in the short term and then cash out are taken. This is the simple scenario the board and stakeholders should consider: pay the bosses in restricted shares, which they must hold for a specified period rather than choosing when to sell. So when their bets go sour, it is not only the shareholders that suffer.
Regulatory Compliance: Financial Services Industry and The EU Banking Union
The recent Standard Chartered Bank adventure provides the best lesson for both the financial industry and the regulators. It also sets an important example
It is bad business not to exercise effective regulatory compliance as an integral part of the business processes in any industry. Without self-regulation non compliance is the result of poor risk management. It is directly visible and potentially catastrophic.
The building blocks of the banking union consist of the Eurozone Stability Fund (ESM) to provide security, stability and support to its member countries in financial difficulty. Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) can offer the option for the ESM to recapitalise banks directly.
Governance, Risk, Compliance and IT Issues
When employees are not sure what's expected of them, the results simply just cannot be useful, especially when the complexity of work and the pace of change is taken into consideration.
We all want the GRC processes to be efficient and accurate. However the first step is to develop and understand the business components of each individual GRC process and how it fits to the annual GRC management cycle. If you do not contain a GRC approach to the business you will miss out on the benefits of GRC and simply follow the check-the–box manner to comply.
Business, Corporate and organizations must get better and improved data management approaches that allow them to effectively round up and optimize their data procedures and typically IT Security.
We suggest that based on the attached information on Bribery, Fraud and Corruption you conduct a workshop to assess your BFC compliance maturity http://www.copenhagencharter.com/BFC-Brochure.pdf
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