Risk Managementintegrum Management Systems Pty Limited has developed a software system for risk management and corporate governance called integrum.
Globally corporate governance legislation has tightened up over the last few years, with laws such as the Sarbanes-Oxley Act , the Turnbull Committee in the UK and the Financial Services Reform Act in Australia. These new laws have focussed the attention of company directors on risk management and corporate compliance practices. The real challenge for senior executives is to ensure that risk management practices permeate throughout their whole culture and impacts the daily operational planning and management of their enterprise.
A key element of risk management is to ensure that bad news gets elevated to those responsible for reporting it to the investing public in the shortest possible timeframe, this involves implementing incident management systems that escalate these problems up to responsible executive managers. Executive managers are also responsible to ensure that a continuous cycle of risk management, corporate planning and compliance management, including regular reviews of policies and procedures and auditing are in place.
"...if you are looking for leniency you had better be able to show that you cared about preventing corporate misconduct before you discovered that it occurred."
Cynthia Glassman
Commissioner, SEC
(in a speech to the American Society of Corporate Secretaries, September 27, 2002. |
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