REVI EW MATE MATER RI AL for f or ACCA P1 Governance, Risk and Ethics Carl R. Burch 4/ 26/ 26/ 2012 2012
I put together these P1 notes when studying for the exam. Thought that it would be good to share them with you. Good luck with your Exam. If you have comments or questions you can reach me at t he follow fol lowing ing email email addes addess: carl carl.burch@ .burch@hock hocktt raining raini ng.com .com | Page
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Table of Contents A. Governance and Responsibility ................................................................................. 1 1. 2. 3. 4. 5. 6. 7. 8.
THE SCOPE OF GOVERNANCE ................................. ................................................. .................................. ................................... .................................. ...................... ..... 1 AGENCY RELATIONSHIP AND THEORIES ................................... ................................................... .................................. ................................... ...................... ..... 7 THE BOARD OF DIRECTORS ................................. .................................................. .................................. .................................. .................................. ....................... ...... 13 BOARD COMMITTEES ................................. .................................................. .................................. .................................. .................................. ................................ ............... 23 DIRECTORS’ REMUNERATION ................................. ................................................. .................................. ................................... .................................. .................... ... 26 DIFFERENT APPROACHES TO CORPORATE GOVERNANCE ................................. .................................................. ................................ ............... 29 CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY................................. ............................................. ............ 39 GOVERNANCE: REPORTING AND DISCLOSURE................................ ................................................. ................................... ................................ .............. 41
B. Internal Control and Review ................................................................................... 47 1. 2. 3. 4.
MANAGEMENT CONTROL SYSTEMS IN CORPORATE GOVERNANCE .................................. ................................................... ................. 47 INTERNAL CONTROL, AUDIT AND COMPLIANCE IN CORPORATE GOVERNANCE.................................. .................................. 55 INTERNAL CONTROL AND REPORTING ................................ ................................................. .................................. .................................. .......................... ......... 62 MANAGEMENT INFORMATION IN AUDIT AND INTERNAL CONTROL.................................. ................................................... ................. 64
C. Identifying and Assessing Risk ................................................................................ 67 1. RISK AND THE RISK MANAGEMENT PROCESS ................................. .................................................. .................................. ................................ ............... 67 2. CATEGORIES OF RISK ................................. .................................................. .................................. .................................. .................................. ................................ ............... 68 3. IDENTIFICATION, ASSESSMENT AND MEASUREMENT OF RISK................................. .................................................. .......................... ......... 74
D. Controlling and Managing Risk .............................................................................. 79 1. TARGETING AND MONITORING OF RISK ................................. .................................................. .................................. .................................. ....................... ...... 79 2. METHODS OF CONTROLLING AND REDUCING RISK .................................. ................................................... .................................. ....................... ...... 80 3. RISK VOIDANCE, RETENTION AND MODELING ................................ ................................................. ................................... ................................ .............. 82
E. Professional Values and Ethics ................................................................................ 86 1. 2. 3. 4. 5. 6. 7.
ETHICS THEORIES ................................ ................................................. ................................... .................................. .................................. ................................... .................... ... 86 DIFFERENT APPROACHES TO ETHICS AND SOCIAL RESPONSIBILITY ................................. .................................................. ................. 89 PROFESSIONS AND THE PUBLIC INTEREST ................................. .................................................. .................................. .................................. .................... ... 93 PROFESSIONAL PRACTICE AND CODES OF ETHICS................................. .................................................. .................................. .......................... ......... 96 CONFLICTS OF INTEREST AND THE CONSEQUENCES OF UNETHICAL BEHAVIOR................................. ................................. 98 ETHICAL CHARACTERISTICS OF PROFESSIONALISM ................................. .................................................. .................................. ..................... .... 105 SOCIAL AND ENVIRONMENTAL ISSUES IN THE CONDUCT OF BUSINESS AND ETHICAL BEHAVIOR. ..... 106
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A.
Governance and Responsibility Responsibilit y
1. The Scope of Governance a) Define and explain explain the meaning meaning of corporate governance. governance. Definition: The OECD says corporate governance governance is a:
…set of relationships between a company’s directors, its shareholders and other stakeholders. …structure through which the objectives of the company are set, and the means of obtaining these objectives and monitoring performance. The IIA says governance is:
…the system by which a company is controlled and directed. Governance includes the rules and procedures for making decisions on corporate affairs to ensure success while maintaining the right balance with stakeholders’ interest. Governance is the leadership and direction given to a company so that it can achieve the objectives of its existence. Note: Important points are boxed. Cadbury Report of 1992 said:
…Corporate Governance is the system by which organizations are directed and controlled. Explain the meaning of governance governance:
Governance is the leadership and direction given to a company so that it achieves the objectives of its existence. Management is about making business decisions: governance is about monitoring and controlling decisions. Governance is not about formulating business strategy for the company. However, the responsibility of the board and senior managers for deciding strategy is an aspect of governance.
Benefits to having GOOD corporate co rporate governance processes:
The company will have improved risk ri sk management management system.
There will be clear accountability for executive decision making.
It focuses management attention on introducing appropriate systems of internal control. It encourages ethical behavior and a CSR (Corporate Social Responsibility) perspective.
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Seeks to put limits on excessive director remuneration.
Downside to governance governance:
It could develop an excessively risk adverse culture amongst mangers. There could be too much reporting and not enough time to seek and pursue profit making activities.
It could damper entrepreneurial activities.
There could be too much excessive supervision, red tape and bureaucracy.
The cost of operating internal controls exceeds any possible benefits.
There is the possibility that the focus on meeting different stakeholder expectations will confuse management as to their corporate responsibilities.
b) Explain, and analyze the issues raised by the development development of the joint stock company as the dominant form of business organization and the separation of ownership and control over the business activity.
Joint stock companies have multiple shareholders. The shareholders own the company but generally do not run the company. There is a separation of ownership and control. In order to maintain control over the company, shareholders elect a board of directors who have oversight authority. The board then hires the CEO who is then responsible for putting together the management team to run the company. Since management does not have a vested interest in the company, they might not care as much whether the objectives of the company are met.
c) Analyze the purposes and objectives objectives of corporate corporate governance. governance. Purpose of Governance Governance:
The purpose of corporate governance is to facilitate the effective, entrepreneurial and prudent management that can deliver the long-term success of the company. Good corporate governance should contribute to better company performance by helping a board discharge its duties in the best interest of the shareholders. If it is ignored, the consequences may well be vulnerability or poor performance. Good governance should facilitate efficient, effective and entrepreneurial management that can deliver shareholder value over the longer term.
d) Explain, and the apply in context of corporate governance, governance, the key underpinning concepts of:
i.
Honestly/probity – Be honest that statements about the t he company are truthful. Not putting a spin on the facts.
ii.
Accountability – The emphasis is the managers accountability to the shareholders, but also accountable to other possible stakeholders.
iii.
Independence – The emphasis is making sure that there are truly non-
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decisions, such as setting strategic objectives and approving critical capital investments. v.
Decision making / judgment – All directors are expected to have sound judgment and to t o be objective in making their judgments. The OECD says ‘the board should be able to exercise judgment on corporate affairs independent, in particular, from fr om management.’ management.’
vi.
Reputation – A company’s reputation, if good, is built on success and management competence. However, it might take years for a company to gain its reputation and only a day for it to get ruined. Companies that are badly governed can be at risk of losing goodwill – from investors, employees and customers.
vii.
Integrity – This is similar to honestly, but it also means behaving in accordance with high standards of behavior and a strict moral or ethical code of conduct. This means ‘doing the right thing.’ ‘Being a straight shooter.’
viii.
Fairness – This means that all shareholders should receive fair treatment from the directors (one share – one vote). This also means taking into account the other stakeholders of the company, such as suppliers, creditors, employees, local community, etc.
ix.
Transparency / openness – This means not hiding ‘anything.’ Transparency means clarity. This involves full disclosure of material matters which could influence the decisions of stakeholders.
Note: A good way to remember the key concepts of corporate governance is to think of the mnemonic HAIRDRIFT. e) Explain and assess the major major areas of organizational life affected by issues issues in corporate governance.
i.
Duties of directors and functions of the board (including performance measurement). Directors have a fiduciary duty to act in the best interest of the company. They need to use their powers for proper purpose , avoid conflicts of interest and exercise a duty of care.
ii.
The composition and balance of the board (and board committees) . Boards must be balanced in terms of skill and talents from several specialisms relevant to the organization’s situation and also in terms of age (to ensure senior directors are brining on newer ones to help succession planning).
iii.
Reliability of financial reporting and external auditing . The reliability of the financial reports is crucial to ensuring that management is held accountable. External auditors need to make sure that they are getting the right information in order to verify the reliability of the financial reports. External auditors cannot be fearful of asking awkward questions because of fear of losing the audit.
iv.
Director’s remuneration and rewards. Directors’ remuneration has to be seen as being fair. Excessive salaries and bonuses has been seen as one of the major corporate abuses for a number of years.
v.
Responsibility of the board for risk management systems and internal
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vi.
The rights and responsibilities of shareholders, including institutional investors. Shareholders should have the right to receive all material information that may affect the value of their investment and to vote on measures affecting the organization’s governance .
vii.
Corporate social responsibility and business ethics . Corporate social responsibility and business ethics is an important part of the corporate governance debate. At this point, there is not any real consensus about these issues.
The South African King report commented that “The relationship between a company and its stakeholders should be mutually beneficial.” “This inclusive approach is the way to create sustained business success and steady long-term growth in corporate value.” However, the Hampel report emphasized responsibility towards shareholders and states that it is impractical for boards to be given lots of responsibilities towards the wider stakeholder community. f) Compare, and distinguish between public, private and non-governmental organizations (NGO) sectors with regard to the issues raised by, and scope of, governance. THESE ANSWERS MIGHT NEED EXPANDING .
Public Sector – Governance requirements stress s tress the need for assessing the effectiveness of policy and arrangements for dialogue with users of services. Private – The private sector is concerned with the continued existence of the company. Therefore, having good governance processes is of vital importance. NGOs – Non-governmental organizations provide services which are not normally provided by either public or private organizations. Therefore, they need governance processes which can ensure that they are providing the ‘best’ service possible.
g) Explain and evaluate the roles, interests and claims of, the internal parties involved in corporate governance .
i.
Directors – Have an operational role in running the company, developing strategies, etc. Concerning corporate governance, directors have the role to act responsibly; to act with honesty; be accountable, etc. ( HAIRDRIFT).
ii.
Company Secretaries – Company secretaries secr etaries are ar e an officer of the company and as such they have an operational role in the company. For example, company secretaries might sign some contracts, or declare some relevant matters to the proper authorities. They also have role to play in corporate governance by making sure that the directors are complying with corporate governance.
Some of the functions / responsibilities of the company secretary are listed below:
Should be responsible for providing relevant, reliable reli able and timely information to all directors, so that they are able to make well-informed well-infor med
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Although the chairman should be responsible for induction of new directors and continuing professional development of established directors, the company secretary is likely to be given the responsibility for organizing induction and, where appropriate, CPD for directors. dir ectors. The chairman is also responsible r esponsible for the performance appraisal of the board, board committees and individual directors. The company secretary should be the first point of contact for any NED wanting assistance or information from the company.
iii.
Sub-board management – If a manager is not on the board, then he or she is considered to be part of sub-board management. This person might be the purchasing agent, human resource manager, etc. Concerning operational roles, directors develop strategies to achieve some objective, and it will be the sub-board managers who have to take the strategy and develop the tactics to achieve the objectives of the organization.
iv.
Employees – Employees have an operational role to carry out the tactical plans of the sub-board management. As far as corporate governance, the employees have the responsibility to comply with the corporate governance systems in place and adopt appropriate culture. They need to implement the risk management and control procedures and to report back if controls are not working as they should.
v.
Unions – Unions have a responsibility to protect the interest of the employees. As such, the ability of management to alter its working practices, for example, may depend on obtaining the cooperation and support of the trade unions.
h) Explain and evaluate the roles, interest and claims of, the external parties involved in corporate governance.
i.
Shareholders (including shareholders’ rights and responsibilities) – The role of governance is to protect the rights of all shareholders, including the right to vote for board members, etc.
ii.
External Auditors – Auditors try to influence to the company to present reliable and accurate financial statements. Auditors can also influence by recommending ways to improve the strength of internal controls within the company. They can also provide other audit services such as social and
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v.
Stock exchanges – Public companies list their shares on regulated stock exchanges, such as New York Stock Exchange, NASDAQ, American Stock Exchange, London Stock Exchange, and many others. Stock exchanges are privately owned and thus they need to protect their reputation. Stock exchanges are regulated and thus require listed companies to abide by governmental regulations.
Stock exchanges are important because they provide regulatory frameworks in principles-based jurisdictions. Stock exchange regulation can therefore have a significant impact on the wary corporate governance is implemented and companies report. vi.
Small investors (and minority rights) – The role of governance is to protect the interest of the minority shareholders; to make sure that their voices are heard and that they are treated equally.
vii.
Institutional investors (Analyze and discuss the role and influence of institutional investors in corporate governance systems and structures, for example, the roles and influences of pension funds, insurance companies and mutual funds) - Institutional investors manage funds of individual investors. They are organizations which pool large sums of money and invest those sums in security, real property and other investment assets. They can also include operating companies which decide to invest its profits to some degree in these types of assets.
Major institutional investors are:
Pension funds.
Insurance companies.
Investment and unit trusts.
Venture capitalist organizations.
Institutional investors will have a lot of influence in the management of corporations because they will be entitled to exercise the voting rights in a company. They can actively engage in corporate governance. Furthermore, because institutional investors have the freedom to buy and sell shares, they can play a large part in which companies stay solvent, and which go under. Influencing the conduct of listed companies, and providing them with capital are all part of the job of investment management.
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Failure to comply with laws and regulations or governance codes.
Excessive levels of director’s remunerations.
Poor attitudes towards corporate social responsibility.
2. Agency Relationship and theories a) Define and and explore agency theory.
Agency theory is a theory of the relationship between the principal and an agent.
In limited companies, the directors and senior managers act as agents of the shareholders, who own the company. Agency theory is based on the view that when an agent represents a principal, the self-interest of the agent is different from the interests of the principal. Without suitable controls and incentives, the agent will make decisions and actions that are in his or her own interest rather than those of the principal. Agency theory is relevant to corporate governance because many of the measures recommended for good governance are concerned with controls and incentives that will persuade agents to act in the shareholders’ best interest. o
For example, controls are applied through accountability and incentives are given in remuneration packages.
b) Define and explain the key concepts concepts in agency theory:
i.
Agents – The agents are the directors and senior management of the company. They are selected and hired to run the company in the best interest of the shareholders.
ii.
Principals – The principals are the shareholders. They elect the board and the board hire the CEO who is in charge of putting the management team together.
iii.
Agency – An agency relationship arises when one or more persons (the principals) engage another person (the agent) to perform some service on their behalf that involves delegating some decision making authority to the agent (Jensen and Meckling ). ).
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Residual loss. Costs to the shareholders of management decisions that are not in the best interest of the shareholders (but in the interest of the managers themselves).
Agency costs = monitoring costs + bonding costs + residual costs.
v.
Accountability – Agents should be held accountable for their decisions and actions. Accountability means:
Having to report back to the principal to give an account of what has been achieved. Having to answer questions from the principals about the performance and achievements. Having the power to reward or punish the agent for good or bad performance.
Greater accountability should reduce agency problems because it provides management with an incentive to achieve performance which is in the best interest of the shareholders. However, incentives should not be excessive where the cost of the incentive is greater than the benefit that the monitoring provides. vi.
Fiduciary responsibilities – Fiduciary duty is a duty of the agent to act for the good of the company. A person with fiduciary duty is in a position of trust.
vii.
However, the existence of fiduciary duty is not sufficient to insure that there is good corporate governance. Evan and Freeman argued that management bears a fiduciary relationship to stakeholders and to the corporation as an abstract entity. It must act in the interests of the corporation to ensure the survival of the firm, safeguarding the long-term stakes of each group. The main fiduciary duties of directors are: o
Act in the best interest of the company.
o
Avoiding conflict of interest.
o
Using powers of proper purpose.
o
Having a duty of care.
Stakeholders – Stakeholders are parties (both internal and external) who
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managers affect their own personal welfare as well as the interest of the owners.
This raises a fundamental question. How can managers, as agents of their company, be induced or persuaded to act in the best interests of the shareholders?
d) Analyze and critically evaluate the nature of agency accountability accountability in agency relationships.
In the context of agency, accountability means that the agent is answerable under his contract to his principal and must account for the resources of his principal and the money he has gained working on his principal’s behalf.
Two issues with the idea of agents being held accountable :
1) How does the principal enforce this accountability? 2) What if the agent is accountable to parties other than his/her principal? – How does he/she reconcile possible conflicting duties. e) Explain and analyze analyze the following other theories used to explain explain aspects of the agency relationship .
i.
Transaction costs theory. Transaction cost theory was developed by Coase and Williamson is an economic theory. Is based on the idea that companies have to decide which activities are needed to be performed ‘in house’ and which activities it can buy from external sources. It attempts to provide an explanation of the actions and decisions of managers that are not consistent with rationality and profit maximization.
Williamson argued that the actions and decisions of managers are based on a combination of bounded rationality and opportunism.
Bounded rationality means that the manager will have limited understanding of alternatives. This may imply that they will play it safe and concentrate only on safe markets. Opportunism means that managers make decisions based on their own personal interests.
Conclusion: Managers should be controlled to prevent them from acting in their own interests rather than in the best interest of the shareholders.
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There is a close link li nk between stakeholder theory and CSR. In addition to providing returns to shareholders, companies have a responsibility to its employees, customers, governments, communities, suppliers, lenders and the general public. Accountability is an important aspect of responsibility. This means that companies not only should report to its shareholders, but also provide information to its stakeholders, either by producing more reports or by including more information in its annual reports. This might explain the publication by some companies of an annual sustainability report and employee reports for the benefit of the company’s employees.
Mendelow’s power/interest matrix. Interest is horizontal, and power is vertical.
Four quadrants – Ignore, Keep informed, Keep satisfied, and Key Players.
Level of Interest Low
High
Weak r e w o P
Strong
Ignore
Keep Informed
Keep Satisfied
Key Players
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Key players – Key players are those who have the greatest influence on the company. This question here is how many competing stakeholders reside in that quadrant of the map. If there is only one (e.g., management) then there is unlikely to be any conflict in a given decision-making situation. If there are several, then there are likely to be difficulties in decision-making and ambiguity over strategic direction. Different categories of Stakeholders:
As far as stakeholders, have to understand the differences on how to categorize stakeholders. Including: Internal and external stakeholders. This is probably the easiest distinction between stakeholders. o
o
Internal stakeholders management.
will
typically
include
employees
and
External stakeholders will include customers, competitors, suppliers, and so on.
Some stakeholders might be more difficult to categorize, such as trade unions that may have elements of both. Narrow and wide (Evans and Freeman). o
o
Narrow are those that are most affected by the org. policies and will usually include shareholders, management, employees, suppliers, and customers who are dependent upon the organization’s output. Wide are those not so much affected, including government, less-
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o
Passive stakeholders are those who do not normally seek to participate in an organization’s policy making. This is not to say that passive stakeholders are any less interested or less powerful, but they do not seek to take an active part in the organization’s strategy. Passive stakeholders will normally include most shareholders, government, and local communities.
Voluntary vs. involuntary. o
o
Voluntary include the employees (those with transferable skills), most customers, suppliers and shareholders. Involuntary are those who do not chose to be stakeholders, but are so nevertheless, for example, local communities, future generations, and most competitors.
Legitimate vs. illegitimate. o
o
This one is more difficult and it might depend on your viewpoint. While those with an active economic relationship with an organization will almost always be considered legitimate, others that make claims without such a link, or that have no mandate to make a claim, will be considered illegitimate by some. While a terrorist would be considered illegitimate, there is more debate on the legitimacy of the claims of lobby groups, campaigning organizations, and non-governmental/charitable organizations.
Recognized vs. unrecognized . o
This categorization follows on from the debate over legitimacy. If an organization considers a stakeholder’s claim to be illegitimate, then the organization would not recognize the stakeholder’s claim when making a decision.
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Kant talked about the civil duty, which he believed important in maintaining and increasing overall good in society.
3. The Board of Directors a) Explain and evaluate evaluate the roles and responsibilities responsibilities of boards of directors.
The board should be responsible for making major policy and strategic decisions. Directors should have a mix of skill and their performance should be assessed regularly. Boards are collectively responsible for:
Promoting the success of the company
Providing leadership and direction.
Managing risks and instituting the appropriate systems of internal controls.
Supervising lower levels of management management and employees.
Setting the strategic goals and targets tar gets of the company.
Ensuring that the necessary financial and human human resources are in place.
Reviewing managerial performance.
Other responsibilities are:
Monitoring the CEO.
Overseeing the implementation of corporate strategy.
Monitoring risks, control systems and systems of CG.
Monitoring HR issues like succession planning, training, remuneration, etc.
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Company policies.
Proposing dividends.
b) Describe, distinguish between and evaluate evaluate the cases for and against, unitary unitary and two—tier board structure.
In most countries, companies have a single board of directors (unitary board). This board would consist of executive and non-executive directors, with a chair and a CEO. Some countries have a 2-tier board structure (Germany and Netherlands), consisting of:
A management board of executive directors (headed by the CEO or managing director). o
The management board reports to the supervisory board.
o
Is responsible for day-to-day running of the business.
A supervisory board of NED (headed by the chair of the company). o
o
o
This board has no executive function; however it may review the company’s direction and strategy. It is meant to safeguard shareholder interest. Receives formal reports of the state of the company’s affairs and finance. It approves the accounts and may appoint committees and undertake investigations.
In a 2-tier company board structure:
Membership of the two boards is entirely separate.
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Unitary board Advantages
Unitary boards can be small in size because there are no requirements to appoint directors who represent stakeholder interest groups. It is easier for the NEDs and the executive directors to work co-operatively. Unitary boards work towards a common goal, which is what the board considers to be in the best interest of the shareholders and others.
Disadvantages
Can also get too large if not careful.
If there is a conflict between chair and CEO, this can negatively affect the company. As with any board, there not be a consensus of what the goals are.
c) Describe the characteristics, board composition and types of, directors (including defining executive and non-executive directors (NED).
The Combined Code states that at least one half of the board members should be independent non-executive directors, with a minimum of 3 NEDs. There has to be a balance between EDs and NEDs.
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There should be a senior NED with sufficient strength of character to challenge both the chairman and CEO if this seems necessary. This person needs to be able to ask hard questions. The NEDs must be effective in their roles. They need to be able to give sufficient time to the company. Some decision making should be delegated to the board committees to remove decision making from directors in cases where there is a conflict of interest, or to act as a check on some of the activities of executive directors (for example the audit committee).
Executive and NEDs:
Executive directors are directors who also have executive management responsibilities in the company. They are normally full-time employees. NEDs are directors who do not have any executive management responsibilities. o
o
They are not employees of the company. They are not full-time. When they are appointed, there should be a clear understanding about how much time (each month or each year) the NED
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Often confined to represent the views of the stakeholders.
A limited amount of time ti me they can devote to the board.
May be a difficulty in recruiting good NEDs – limited supply.
Ways to ensure independence :
Not involved in share s hare scheme.
Their service should not be pensionable.
Should be for a specific period.
The NED should not have any business, financial or other connection with the company-apart from fees and shareholdings.
Re-appointment should not be seen to be automatic.
The full board should decide on their selection and appointment.
NED must be able to take external professional advice where necessary and the costs of same have to be borne by the company.
e) Describe and analyze analyze the general general principles of legal and and regulatory frameworks frameworks within which directors operate on corporate boards.
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Duty to declare interest in proposed transaction or arrangement . Directors are required to disclose to the other directors that nature and extent of any interest, direct or indirect, that they have in relation to a proposed transaction or arrangement with the company. Insider dealing / trading. o
o
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An insider is someone who has business connection with an entity as a result of which they may acquire relevant information. Insider dealing is where a person with inside information buys or sells shares or securities in an entity. An insider in possession of unpublished price sensitive information should not deal. An offense is also committed if the insider encourages another person to deal. The person dealing as a result of that encouragement, and believing the source to be an insider, is also committing an offense. Disclosure of insider information, other than in the proper course of employment to an authorized person, is also an offense.
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remuneration including pension rights, and a minimum notice period for termination of office.
Removal. When a director performs badly, it should be expected that he or she will be asked by the board or the company chairman to resign. This is the most common method by which directors who have ‘failed’ are removed from office. When a director is removed from office, he or she retains contractual rights, as specified in his or her contract of employment. This could involve a very large payment. Disqualification. The corporate law of a company might provide for the disqualification of any individual acting as a director of any company, where the individual is guilty of behavior that is totally unacceptable from a director. This could include: o
When a director is bankrupt.
o
Director is suffering from a mental disease.
o
Director has been found guilty of a crime in connection with the formation or management of a company.
f) Define, explore and compare compare the roles of the CEO CEO and the board chairman. chairman.
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o
o
The induction of all new directors, and The annual performance review of the board, board committee and individual directors.
Also sets the ‘tone at the top.’
Should be the advocate of ethical behavior in i n the company.
An effective chairman should establish a close working relationship with the CEO and should ensure that all decisions by the board are implemented. He or she should promote ‘best practice’ in corporate governance and high standards of ethical conduct by the company and its employees.
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The board can make the CEO more accountable for management of the company if there is i s a separate Chairman of the board. The UK 2nd Combined Code suggests that the retired CEOs should not become Chair of the same company. The main concern is that he or she would interfere too much in the t he running of the company by the new CEO. The Cadbury report stated that if the roles were combined, there should be a strong independent element to the board with NED’s. Higgs states that one senior member of the NED’s should be appointed who would be available to shareholders who had concerns that could not be resolved through normal channels.
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Higgs report suggests that CPD of potential directors should concentrate on the role of the board, obligations and entitlements of existing directors and the behaviors need for effective board performance. Topics for professional development would include financial management training, HR issues, CG developments, risk management updates on legal and regulatory issues, audit practice and procedures, financial reporting and strategic planning.
h) Explain and analyze analyze the frameworks for assessing the performance of boards and individual directors (including NEDs) on boards. Performance of the board
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Performance of individual directors: Need to use the following criteria when judging the performance of the individual director.
Independence: This means avoiding conflict of interest. Preparedness: The director knows the key staff, organization structure, industry and regulatory background. Practice: The director participates in board meetings, questions, insists on obtaining information, and undertakes CPD. Committee work: The director participates fully in audit, risk and nominations
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Level of remuneration should be sufficient to attract and retain and motivate directors to do a good job, but should not pay them more than is necessary for this purpose. There should be a final and transparent procedure for developing policy on executive remuneration and for fixing the remuneration package of individual directors.
No director should be involved involv ed in deciding his or her own remuneration.
There should be limited contracts of service periods, ideally for one year.
The committee should be made up of independent NEDs.
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Prepare reports on risks and draft the RM strategy note for the annual accounts.
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appointment and removal of the external auditor and to approve the remuneration and terms of the external auditor.
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Another director might receive a low basic pay, but a very attractive short-term bonus incentive scheme.
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iv. Loyalty bonuses are intended to get directors to stay with the company for an extended period of time. For example, if a director’s contract expires, the
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For options have not been exercised, the report should show the exercise price, the date from which the options may be exercised and the date they
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o
o
Monitor the work of IA (e.g., by requiring the head of IA to report occasionally to the AC).
The Smith Committee recommends (2003) that the AC should: o
o
o
o
o
Approve the appointment or termination of employment of the head of internal audit (which helps to t o protect that person’s independence).
Ensure that the CAE has direct access to the chair of the board and AC. Ensure that the CAE is accountable ac countable to the AC. Review and assess the work plan of the IA and confirm that it is acceptable. Receive reports ‘on a periodic basis’ form the CAE about work done. Review the response of management to recommendations made by the internal auditors.
Smith Committee recommends about the AC: o
o
o
Meet at least once a year with CAE (without an executive managers being present). Monitor and assess the effectiveness of IA with the overall system of internal control and risk management. management. The Combined Code states that (unless the responsibility is taken on by the board or given to a separate risk committee) the AC should:
Monitor and review the effectiveness of internal control activities. If there is no IA function, consider the need for one, and make a recommendation to the board. If the decision is that an IA function is not required, to explain the reason for this in i n the company’s annual report and accounts.
g) Explain and explore the importance and characteristics of, the audit committee’s relationship with external auditors.
The AC should ensure the integrity of financial reporting and external auditing (Smith report). o
o
o
o
Management is responsible for the preparation of complete and reliable financial statements. The AC should monitor the preparation of the financial statement, and give consideration to the significant estimates and judgments made by management in their preparation. When two or more accounting methods could be used, the AC should obtain an explanation from management for its choice choi ce of methods. The AC should compare the views of management with those of the external auditors.
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o
o
Remain independent, free from management pressure and influence, and Do their job properly.
Appointment of external auditors. Smith report recommends: o
o
o
o
The AC is responsible for recommending (to the board) the appointment, re-appointment or removal the external auditors. The board then makes its recommendation to the shareholders. If the board rejects the AC’s recommendation, then the committee should give an explanation in the annual report r eport and accounts. The terms and remuneration: Smith recommends that the audit committee should (each year):
Review and agree the terms of engagement of the auditors.
Discuss with the auditors the scope of the audit.
Satisfy itself that the audit fee is sufficient for the amount of audit work to be done.
Monitoring the independence of the external auditors. o
o
o
o
If necessary, ask for additional work to be done on the audit and for the auditors to provide more resources.
There is the risk that that audit firm could become dependent on the company’s management ( hazard of audit capture). Upon appointment of the audit firm, the AC should ask for a statement from the audit firm that it has no family, employment, financial, investment, or business relationship with the company, except in the normal course of business. Each year, the AC should obtain information from the audit firm about the measures it takes to ensure continued independence from the client. The AC needs to check that the audit firm complies with guidelines of the accountancy bodies with regard to issues such as:
The rotation of audit partners.
The permissible amount of non-fee income from the audit client.
Auditor and non-audit work. o
o
The Smith report states that the AC should be responsible for developing and recommending to the board a company policy on giving non-audit work to the audit firm. The Combined Code states that it is the responsibility of the board to ensure the independence of the external auditors. In the annual report and accounts the board should explain to shareholders, if the audit firm does non-audit work, how auditor independence and objectivity are
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o
o
The AC should ensure that an audit plan has been prepared and the audit firm is committing sufficient resources on the work. At the end of the audit, the AC should review the work done by the audit firm, and:
The issues that arose during the audit,
The key accounting and auditing judgments that were made,
The level of errors identified by the audit,
o
The response of management to the auditors’ recommendations for changes to internal controls.
Each year, the AC should also:
Review whether the external auditors met the requirements in the audit plan. Get feedback from the company’s management about the audit. Review the auditor’s management letter. Do the auditors show a good understanding of the business? What has been management’s response to the auditors’ recommendations?
3. Internal control and reporting a) Describe and assess the need to report report on internal controls to shareholders.
The method and content of reports to shareholders on the effectiveness of IC will vary between countries. Listed companies in the US have to report under Section 404 of SOX. In this case, companies have to provide a detailed statement to shareholders including details of major control weaknesses about financial controls only. In the UK, listed companies have to: o
Conduct a review of the effectives of IC and RM systems, and
o
Inform shareholders that they have hav e done so.
The Turnbull report recommends that the board’s annual report to shareholders about IC and RM should: o
o
o
Summarize the processes used (and the committee used) to carry out the review of effectiveness. Confirm that action has been taken to remedy any control weaknesses that were found. Disclose the process it has used for dealing with the IC aspects of any significant problem revealed in the annual report and accounts.
Reviewing the effectiveness of IC I C and RM: o
Regular reports from management to the board.
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b) Describe the content content of a report on internal control control and audit.
The Turnbull report states that there should be an annual review of internal controls. The review should cover: o
o
o
o
o
The changes since the last assessment in risks faced and the company’s ability to respond to changes in its business environment. The scope and quality of managements monitoring of risk and internal control, and of the work of internal audit, or consideration of the need for an internal audit activity (IAA) if the company does not have one. The extent and frequency of reports to the board. Significant controls, failings and weaknesses which have or might have material impacts upon the accounts. The effectiveness of the public reporting processes.
Based on the Turnbull report, the board should disclose as a minimum in the accounts, the existence of a process for managing risks, how the board has reviewed the effectiveness of the process and that the process accords with the Turnbull guidance. The board should include: o
o
o
o
Acknowledge that the board is responsible for the company’s system of control and reviewing its effectiveness. An explanation that the system can only provide reasonable assurance against material misstatements or loss. This means that system is meant to manage rather than eliminate the risk of failure to achieving business objectives. A summary of the process that the directors (or a board committee) have used to review the effectiveness of the system of internal control and consider the need for an internal audit activity if the company does not have one. There should also be disclosure of the process the board has used to deal with material internal control aspects of any significant problems disclosed in the annual accounts. Information about those weaknesses in internal control that have resulted in material losses, contingencies or uncertainties which require disclosure in the financial statements or the auditor’s report on the financial statements.
c) Explain and assess how internal internal controls underpin underpin and provide information for accurate financial reporting.
It does this by helping to ensure the accuracy and reliability of financial information. Internal control helps the company achieve its financial reporting objectives. Internal control objectives over financial reporting include: o
Transactions are authorized.
o
All transactions are recorded:
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o
Assets and records access are restricted.
o
Assets compared with existing ones regularly.
4. Management information in audit and internal control a) Explain and assess the need need for adequate information flows to management management for the purposes of the management of internal control and risk .
Board and management’s involvement is a critical element of internal control systems and the control environment. Management needs different types of information. For example, they need: o
o
o
Financial information. Non-financial information such complaints, human resource data.
as
quality
reports,
customer
External information about competitors, suppliers, impact of future economic and social trends .
There are various ways that management can get the information they need for decision-making. The information directors need to be able to monitor controls effectively comes from a variety of sources. o
o
o
o
The directors own efforts. This could entail MBWA (Management by walking around), regular visits by the directors to operations, etc. Reports from subordinates. There must be a system where staff with supervisory responsibilities report on a regular basis to senior managers, and senior managers report to the directors. Lines of communications. It must be communicated that staff have lines of communication that can be used to address concerns. This would include having a whistleblowing program. Whistleblowing program is where staff wants to say something but at the same time maintain their anonymity. It is important for staff to know that senior management does want to know about problems and will deal with them effectively. Staff must believe that there will be no reprisals for reporting relevant information. Reports from control functions. Organizations that have a key role to play in IC must report on a regular basis to the board and senior management. One example is the need for a close relationship between IA and audit committee.
The HR function should also report regularly to the board about personnel practices in operational units. Poor HR management can indicate future problems with controls, since it may create dissatisfied staff or staff who believe that laxness will be tolerated. o
Reports on activities. The board should receive regular reports on
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o
o
o
Reports on resolution of weaknesses. The board should receive evidence to confirm that control weaknesses that have previously been identified have been resolved. Results of checks. The board should receive confirmation that necessary checks on the operation of the controls have been carried out satisfactorily and that the results have been clearly reported. Sufficient independent evidence from external or internal audit should be obtained to reinforce the evidence supplied by operational units. Exception reporting. Exception reports highlight variances in budgeting systems, performance measures, quality targets and planning systems are an important part of the information that management receives.
Managers may consider the following issues when deciding whether to investigate further:
o
Materiality. Controllability – The decision to investigate or not will depend on whether a manager is able to control issue. Variance tread – If the trend is getting worse, would be more likely to investigate. However, if the variance is adverse but the same variance is always adverse, then the process is in control and the standard has been wrongly set. Cost – Likely cost needs to be weighed against the cost to the organization or allowing the variance to continue in future periods. Interrelationship of variances – Highly likely that variances are interconnected. So, if one variance is adverse, then another interrelated variance might be adverse as well. For example, if labor efficiency variance is negative then the variable efficiency variance will be negative as well (if calculated based on labor).
Feedback from customers . Customer responses are important evidence for the board to consider, particularly as regards how controls ensure the quality of output.
Making the best use of information . Comparison of different sources of information. The pictures
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o
Review procedures . As well as investigating and resolving problems with the information they receive, the board ought to undertake regular reviews of the information sources that they need. E.g. they need to assess whether any layers of supervision or review can be reduced.
b) Evaluate the qualities and characteristics of information required in internal control and risk management and monitoring.
The COSO guidance stresses the importance for boards and management to have ‘good’ quality information.
Good information adds to the understanding of a situation. situati on.
Good information means that the information is ( ACCURATE): i.
Accurate – The numbers add up and there are no typos, items should be allocated to the correct category, assumptions should be stated for uncertain information.
ii. Complete – The information should contain everything that needs to be included. For example, external data if relevant, comparative information or qualitative information as well as quantitative. Sometimes managers or strategic planners will need to build on the available information to produce a forecast using assumptions or extrapolations. iii. Cost/beneficial – The benefit of gathering the information should outweigh its costs. This gets into the issue of materiality. iv. User-targeted – The needs of the user should be borne in mind, for instance senior managers need strategic summaries, junior managers need detail. v. Relevant – Information that is not needed for decision making should be omitted, no matter how ‘interesting’ ‘interesti ng’ it may be. vi. Authoritative – The source of the information should be a reliable one. However, subjective information (e.g., expert opinion) may be required in addition to objective facts. vii. Timely – The information has to be timely, which means when it is needed. It should also cover relevant time periods, the future as well as the past. viii.Easy to use – Information should be clearly presented, not excessively long, and sent using the right medium and communication channel
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C.
Identifying Identif ying and Assessing Risk
1. Risk and the risk management process process a) Define and explain explain risks in the context of of corporate governance governance. Risk is the probability that some future event could adversely impact the organization. Risk is measured in terms of probability and impact. o
This type of risk is known as pure risk.
The board has overall responsibility for risk management as an essential part of its corporate governance responsibilities. Responsibilities below board level will depend on the extent of delegation to line managers and where there is a separate risk management function.
b) Define and describe describe management responsibilities in risk management.
Everyone who works in a company has responsibility for risk ri sk management, not just risk specialists. specialist s. The Board – the board has a very important i mportant role in managing risk. o
o
o
Setting appropriate policies on internal controls and seeking assurance the IC is functionally effectively. Communicate the organization’s strategy to employees.
The CEO – is the owner of the risk management and IC systems. o
o
Determines risk management strategy and monitoring risks
Must consider risk and control environment. Needs to promote the right culture. Monitors other directors and senior staff, particularly those whose actions can put the company at significant risk.
Senior managers – Managers have an important role in making sure the organization has the right risk management culture. o
o
Making sure that there is a culture that is focused on the mission and goals of the organization. Ensuring that the culture is consistent with the needs and values of the key stakeholders.
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d) Explain the importance and nature nature of management responses to changing changing risk assessments.
Management needs to be aware of the environment that they are operating in. Management always needs to be in a position to changes in the environment that could cause changes in the risks faced by the company. In some environments, the risks change very little, but in others it changes a great deal. o
o
Changes in the environment might arise because of changes in the strategic decision made by the business. For example, if a company decides to launch a new product, or penetrate a new market or significantly change the financial structure of the business. Changes in risk might be the result of external changes, including (think of PEST ):
Political – Businesses environments.
operating
in
unstable
political
Economic –sellers of non-essential goods or services are particularly vulnerable to changes in the economy. Social – Businesses selling goods in markets where fashion is a significant influence on consumer demand. Technology – new technology can quickly and significantly benefit innovators.
e) Explain risk appetite and how this affects risk risk policy.
Risk appetite has to do with the amount of risk a company is willing and able to tolerate.
This directly affects the risk policy of the organization. For example, some types of organizations, such as charities or public sector, will seek to avoid certain risks. Other organizations may accept the same risks. This means that the organization is accept the risk in order to achieve its objectives.
2. Categories of risk a) Define and compare compare (distinguish between) strategic and and operational risks. Strategic risks – are risks that are related to the fundamental decisions that the
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Product/service portfolio.
Business recovery.
continuity
and
disaster
Factors that could influence strategic risks: o
The types of industries/markets within which the business operates.
o
The state of the economy.
o
o
o
o
o
o
Staff dependency d ependency..
The actions of the competitors and the possibility of mergers and acquisitions. The stage in the product’s life cycle, higher risks in the introductory and declining stages. The dependence upon inputs with fluctuating prices, such as oil. The level of operating gearing – the proportion of fixed costs to total costs. The flexibility of production specifications or products.
processes
to
adapt
to
different
The organization’s research and development capacity and ability to innovate.
o
The significance of new technology.
o
The quality of leadership at board level.
o
Relationships with suppliers.
Factors that could influence operational risks: o
Losses from internal control system or audit inadequacies.
o
Non-compliance with regulations or internal procedures.
o
IT failures.
o
Loss of key personnel.
o
Fraud.
o
Business interruptions.
b) Define and explain the sources and impacts impacts of common business risks. Business risks are strategic risks that threaten the survival of the whole business.
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Derivative risk is the risk of unexpected gains or losses on trading positions in derivatives. o Derivatives can be used either for hedging (minimize risk) or for speculative purposes (to make a profit), as in the case of Sham group.
A Derivative is a financial instrument with all three of the following characteristics: o
Its value changes in response to a specified underlying (an underlying could be exchange rate, commodity prices, share prices, interest rates, etc.);
o
It requires little or no initial investment; and
o
It is has to be settled at a future date.
A significant risk with trading in derivatives is that a relatively small investment in derivatives can create an exposure to major losses, if the underlying market prices move against the company. c ompany. There have been reported cases in the past where treasury departments of companies or government organizations have suffered severe losses through speculation in derivatives, for example, Orange County, near Los Angeles had to file for bankruptcy because of losses suffer through derivative trading. o
As controller of the various Orange County funds, Citron had taken a highly leveraged position using repurchase agreements (repos) and floating rate notes (FRNs). The loss incurred by the usage of these financial instruments reached the amount of $2 billion and was caused by being too highly leveraged for rising federal interest rates. In other words, if federal interest rates had not risen, the massive trading position would have been a substantially profitable position; if interest rates did rise, the trading position would result in substantial losses. In fact, rates rose.
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Companies should also avoid taking actions that could create long-term liquidity problems, such as paying for capital assets out of operating cash flows, when the company cannot afford this. Efficient working capital management can also help to improve cash flows and reduce liquidity risk. In particular, companies should avoid investing in slow moving inventory, and should have efficient procedures for collecting receivables, like having a lockbox collection system.
Technology risk:
Occasionally, there may be two different technologies to choose from, and there is the risk that you will choose the wrong technology. This risk can affect companies that manufacture products (such as high definition digital televisions) and have to choose c hoose between the rival technologies. The potential cost of having to invest in new technology can be a serious risk for profitability. This risk is greater for companies that operate in the high tech field and the life cycle of the product is shorter.
Legal:
Companies that fail to comply with the law run the risk of legal penalties and bad publicity.
Health, safety and environmental :
This includes loss of employees’ time because of injury and the risks of having to pay compensation or legal costs because of breaches. Health and safety risks can arise from: o
Lack of health and safety policies.
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o
o
o
Reputation can affect the choice of one producer’s goods on services in preference to another. A bad reputation can make a company a target for pressure groups and activists. In some cases, damage to reputation can lead to intervention by the government, which may introduce new laws or regulations.
Of all the major risks, reputation risk is the risk that is most strongly correlated to other risks, since its level partly depends on the likelihood that other risks materialize.
Business probity risk:
This is the risk of unethical behavior by one or more participants in a particular process. o
o
Being victims of bribery, or corruption or being pressured into it are examples of probity risk. However, assumptions about how different cultures view corruption can also be dangerous. E.g. there was an article that discussed how ‘unorthodox methods’ might be required to be successful in Greece. In other words, the article was saying that to be successful in Greece, you were going to have to bride.
Additionally, there is entrepreneurial risk, which if the risk that arises from any new business venture or opportunity. c) Describe and evaluate the nature and importance of business and financial risks.
The company faces a wide range of business risks, such as risk from competitor activity, risk of low sales demand, economic risks, political and
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o
Liquidity risk. This is the risk of loss due to a mismatch between cash inflow and outflow.
The attitudes of risk of the board and major finance providers will impact significantly on how risky the company’s financial structure is. d) Recognize and analyze analyze the sector or industry specific nature of many many business risks. (NOTE: On pg. 176, it says that you may have to identify the risks that may affect a specific industry).
Industry-specific risks are risks of unexpected changes to a business’s cash flows from events or changing circumstances in the industry or sector in which the business operates. o
Could be from the result of new technology, or a change in the law or a rise or fall in the price of a key commodity.
Example are listed below:
Commercial bank
Strategy risk. Choosing a strategy that does not max shareholder shareholder value. Product/service risk. The risk of developing products that customers do not want or need.
Too much regulation
Credit risk.
Market risks. This includes the risk from changes in interest rates, currency exchanges as well as changes in market
Retailing Retailin g organization organizati on
Business strategy risk. Risk that the business strategy might take the company in the wrong direction. Financial strategy and group treasury risk. This covers the risk of not having available funds, credit risks, interest rate risks and currency risk.
Oil companies
Macro-economic trends. This is dependent of economic conditions. Competition risk. This is the risk of losses due to the activities and
Market risk, especially risk of changes in the price of oil. Exploration risk. The risk of not finding sufficient oil reserves. Reputation risk. Environmental risk. The risk of having a major oil spill (aka BP). Competition risk. IT failure risk.
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3. Identification, assessment assessment and measurement measurement of risk a) Identify, and assess the impact upon, the the stakeholders involved in business risk.
Organization’s attitudes to risks will be influenced by the priorities of their stakeholders and how much influence the stakeholder’s have. Stakeholders who have significant influence may try to prevent an organization bearing certain risks. Shareholders – Key issue for management is to determine whether shareholders: o
Want steady income from dividends, or
o
More concerned with long-term capital gain.
This issue is complicated by the fact that shareholders themselves have different risk tolerances. o
o
In theory, managers should not care who the shareholders are since the shareholders can freely buy and sell their shares. However, this is not necessarily true in practice. In addition, we have seen in the corporate governance reports the importance of maintaining links with individual shareholders. So, it is unlikely that the directors will be indifferent to who the company shareholders are.
Debt providers and creditors – Debt providers are concerned about threats to the amount the organization owes and can take various actions with potentially serious consequences such as denial of credit, higher interest charges or ultimately putting the company into liquidation. Creditors are going to be concerned about receiving a profit from the company, therefore theref ore they may
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b) Explain and analyze analyze the concepts of assessing the severity severity and probability of risk events.
Risk management is about identifying and assessing levels of risk. Risks can be measured as quantified amounts, although sometimes they are assessed in qualitative terms (judgment). For each identified risk, an assessment should consider the probability or frequency of the risk event and its likely impact (severity) if it occurs.
Risk map and risk dashboard:
Risk map and risk dashboard are graphic means of assisting management with the understanding and assessment of risks.
The risk map is a simple 2x2 matrix, where one side of the matrix represents probability and the other side represents impact. Based on the assessment of risk
Risk = Probability of occurrence x Impact (Severity) Probability Low
High
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o
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o
What the risks are and strategies for identifying, evaluating and managing them. The effectiveness of the management and internal control systems in the management of risk, in particular how risks are monitored and how any weaknesses have been dealt with. Whether actions are being taken to reduce the risks found. Whether the results indicate that internal control should be monitored more extensively.
d) Describe the process of and importance of, externally reporting on internal control and risk.
Because of the corporate accounting scandals over the past ten years, there is stricter requirements on external reporting. These requirements is meant to address the concerns of shareholders and other stakeholders that management has exercised proper control. According to the UK Turnbull report, the board should disclose as a minimum in the accounts, the existence of a process for managing risks, how the board has reviewed the effectiveness of the process and that the process accords
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1) The organization’s code of conduct . 2) The internal auditor’s assessment of risks. 3) The audit committee’s assessment of the effectiveness of internal control. 4) External auditor’s report on weaknesses in the accounting and internal controls. 5) The results of a control management and staff.
self-assessment
process
by
line
f) Explain and assess the ALARP (as low as reasonably possible) possible) principle in risk assessment and how this relates to severity and probability.
Business is risky, therefore, businesses try to reduce most of the significant risks, rather than eliminate them. The general principle is that the higher the level of risk, the less acceptable it is. However, there are many risks which cannot be avoided completely, for example, hazardous activities where there is a risk of injury or loss of life (e.g. an oil rig, or factory or farm). Risk like these need to be reduced ALARP. For example, by installing
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The matrix above assumes that risk can be accurately quantified or at least ranked. In some case, the assessment can be made with a high degree of certainty and maybe even scientific accuracy. In this case, risks can be objectively assessed. Subjectively assessed is where risk cannot be assessed with any quantified accuracy.
Accuracy will depend on the skills and knowledge of the person making the assessment, and also depend on the information available and the factors that may influence the risk levels. Need to be careful about having bias when judging the consequences of the risks. o
Examples of a risk in which the likelihood can be measured objectively is the next outcome of tossing a coin. A risk, the impact of which can be objectively measured, is the number of shareholders affected by a loss of company value.
A risk with subjective likelihood is the risk of an accident occurring, and a risk
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D.
Controlling Controlli ng and Managing Risk
1. Targeting and monitoring monitoring of risk a) Explain and assess the role of the risk manager in identifying and monitoring risk.
The risk manager needs technical skills in credit, market and operational risks. Also needs to have good leadership skills to convince those in the organization that risk management is not to stifle initiative. The role of the risk manager is to be the leader of the risk management committee. The risk manager: o
o
o
o
Reports directly to the board .
The risk manager’s role is to oversee implementation of the board’s risk management policies. The risk manager is supported by the risk management committee. The risk manager is not normally involved in determining strategy.
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o
o
o
o
Approving the organization’s risk management strategy and risk management policy. Reviewing reports on key risks . Monitoring overall exposure to risks and ensuring it remains within limits set by the board. Assessing the effectiveness of the organization’s risk management systems.
o
Providing early warning to the board on emerging risks.
o
Reviewing the company’s statement on IC.
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Embedding risk simply means that risk awareness is an integral part of operational and management systems within the organization. In other words, risk control is part of day-to-day operations. As an example, duties that need to be segregated are segregated. Risk should be embedded in its procedures. There should be suitable internal controls at all times. For example, safety procedures should be taught to all employees and properly carried out at all times. COSO suggests: o
Risk management should be a part of everyone’s job description.
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3) You can avoid (terminate) the risk. Companies take immediate action to reduce severity and frequency of losses, e.g., charging higher prices to customers or ultimately abandoning activities. 4) You can accept (tolerate) the risk. These risks are not significant. Keep under view, but costs of dealing with risks is unlikely to be worth the benefits.
Whether a company spreads and diversifies the risk will depend on: o
Its likelihood of materializing.
o
Its probability of materializing.
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o
o
o
As far as the insurance company, the insurance company has accepted the risk. Risks can be transferred to other internal departments, or externally to suppliers, customers, or insurers. An example of transferring risk to the customer – a decision not to rectify the design of a product, because rectification could be expensive as paying any claims from disgruntled customers, is in fact, a decision to transfer the risks to the customers without their knowledge. Internal risk transfer can also cause problems if it is away from departments with more ‘clout’ (e.g. sales) and towards departments
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o
o
Personal views – Some managers acknowledge the emotional satisfaction from successful risk-taking. A good example is Richard Branson of Virgin Group. Branson started established Virgin Galaxy. Individuals vary in their attitudes to risk and this is likely to be transferred to their roles in organizations. Response to shareholder demand – Shareholders demand a level of return that is consistent with taking a certain level of risk. Thus, managers respond to shareholders expectations by viewing risk-taking as a key part of decision-making. Managers therefore need to have an understanding of what is the level of return that satisfies shareholders. On pg. 131 (story
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high risks in its research and development activities, but should it be speculating on interest and exchange rates within its treasury function?
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E.
Professional Values and Ethics
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(4) Law/Order. Individual is concerned with society as a whole (not just the opinion of those around them), and the need to maintain social order. Have
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circumstances of the situation. This can be summed up in the ‘ greatest good’ principle – ‘greatest happiness of the greatest number.’
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decision? 4.
What are the alternative courses
reaching the decision.
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