Understanding Governance and Compliance in Today's World
Explore the essential concepts of governance and compliance in the corporate world, including the principles of good governance, the importance of compliance, and the relationship between management, governance, and strong compliance cultures. Delve into the significance of ethical practices, transparency, and accountability in fostering a healthy organizational environment.
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BVI Association 5th Annual Compliance Conference Dummy Text Navigating Regulatory Compliance in Today s World Navigating Regulatory Compliance in Today s World December 1st 2021
THE POWER OF ONE! Dummy Text Influence your organization towards good governance and a strong compliance culture Fareda Sands AA, MBA, TEP, FICA,CAMS,CFCS, CIRM
What is governance? In this context we will be looking at Corporate Governance and according to PWC Laos Good corporate governance is a foundational attribute of a healthy organization. It sets the tone as to how the organization operates and behaves both internally and to the market generally (externally). It defines the relationship between the Board of Directors, Management and the rest of the organization. Dummy Text It is a performance issue.
What is Compliance? According to the International Compliance Association (ICA), The term compliance describes the ability to act according to an order, set of rules or request . Compliance operates at two levels: Level 1- Compliance with the external rules that are imposed upon an organization as a whole Dummy Text Level 2- Compliance with internal systems of control that are imposed to achieve compliance with the externally imposed rules
Principles of Good Governance Fairness Honesty Accountability Independence Transparency Integrity Ethics Dummy Text
Principles of Having a Strong Compliance Culture Fairness Honesty Accountability Independence Transparency Integrity Ethics Dummy Text
Management (Governance) and/vs. Strong Compliance Are they a team? If no, why not? If yes do they know that they are on the SAME team? Do they have the same goals? If no, why not? If yes, have the goals been communicated clearly to all team members? Dummy Text
Management (Governance) and/vs. Strong Compliance What is the tone from the top? Do as we say OR Do as we do (Management) by us (Management) leading by example Is Compliance a priority for Management? If no, why not? If yes, does all staff understand the importance and why it is priority Dummy Text
Benefits of Being Team Members/Players The organization creates a great reputation The organization is able to withstand storms internally The organization is able to withstand storms externally Dummy Text The organization increases in value to all of its stakeholders
CONCLUSION According to PWC Laos Dummy A good governance framework needs to reflect the culture, style and issues of the organization, one size does not fit all! Text
Questions Dummy Text
