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Time for a Check Up
Background
In the last two decades of the previous millennium there was a series of high profile corporate failures and disasters which resulted in significant adverse effects being visited upon various stakeholder groups of the effected organisations including shareholders, employees, industries, communities and in some instances, the wider economy.
These events included large scale financial failures, major safety and environmental disasters, prolonged interruptions to business continuity and serious damage to organisational reputations. The emergence of risk management as the formal business discipline we know today is considered by many to be, at least in part, a direct consequence of these events as their occurrence emphasised a real need for a more holistic and effective approach to the task.
Due to the profound nature of these particular events and the sometimes dire consequences, questions were raised about existing standards of corporate governance and its role in risk prevention and mitigation. Questioning focused upon, among other things, the roles and responsibilities and compositions of boards of directors, how risks were being identified, assessed and controlled, and the transparency and validity of risk information and how it was being reported, or not reported, to various stakeholder groups.
Various codes of corporate governance were developed, some of which were mandated by regulatory requirements or listings rules of the major stock exchanges. A commonality shared among these codes was the recognition of the importance placed on organisations to maintain robust systems of internal control as part of an approach to more effective organisational governance.
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