Volume 1 | Issue VII
7th Annual European GRC Summit by Copenhagen
Scene: The Chairman of Global Mining has called for
a meeting with the senior management and GRC officers together with the
chairman of the Audit Committee.
Why do so many good governance, risk management, compliance,
IT and audit practitioners select the Annual Governance, Risk Management,
Compliance and IT security (GRC) Conference as their primary source of updates
The Executive Roundtable Series from The Red Flag
Group focusing on how to develop and implement a successful anti-corruption
compliance programme arrives in Copenhagen in October. Join us for an interactive
half-day workshop led by Scott Lane, Executive Chairman of The Red Flag
Group, featuring a unique, hands-on approach, focusing on group exercises
and discussion for an improved learning experience
Global Governance, Risk and Compliance Issues
EU directives and local regulatory compliance enforcement
have now developed a clear plan on how a Board should fulfill its transparency,
ethics and accountability (TEA) compliance responsibilities by providing
reasonable oversight, developing an organization of culture and integrity,
and by receiving and providing adequate role and responsibility relevant
training, and by giving proper and direct access to ethics officers, committees.
In short, the board must encourage the entire palate of GRC enforcement
across the organisation.
Business and services can work together with a single
point of accountability. Many companies are pushing to make IT and GRC operations
work in tandem to improve compliance and are currently embarking on a transformation
journey that is daunting in both size and scope when a decision to integrated
business and GRC solutions is taken. The goal is to provide the company
with cross border global data and information, communication technology,
back-office operations, security, and procurement.
Bribery, Fraud and Corruption Issues
Many executives thinking that fraud and corruption
are problems faced only by other companies or in other sectors. The percentage
of those believing their company's anti-corruption policies are relevant
to their work has actually decreased. Now fewer than half say their colleagues
would consider the policies relevant.
It is serious business not to exercise effective regulatory
compliance as an integral part of the business processes in any industry.
Without self-regulation, noncompliance is the result of poor risk management.
It is directly observable and potentially fatal
In recent years, companies have fundamentally changed
the procedures for bribery, fraud and corruption (BFC) compliance, marketing
and selling in the US to ensure that they operate with high standards of
integrity and that the business activities are open and transparent.
Tone at the top is an overused phrase, but to enforce
GRC issues management at all levels need to speak up forcefully. (Tone at
the middle). No company can afford or tolerate any compliance violations,
both financially and in terms of our reputation. The CFO's responsibility
in implementing accountability, transparency to avoid non compliance.
Global Regulatory Compliance and EU Banking
The global shadow banking sector was estimated to
contain assets of approximately 51 trillion Euros in 2011 (currently $67
trillion), or nearly a third of the overall financial system and half the
size of bank assets, according to the latest figures available from the
Financial Stability Board. About a third of the sector's assets are held
by firms in the U.S. and some 45 percent in the 28-country European Union.
The Volcker rule, a centerpiece of the new financial
regulation known as Dodd-Frank, is an attempt to protect the financial system
from risk. It is clear in concept prohibiting banks from making investment
bets with their own money. But it has proved to be a mouthful for the oversight
We suggest that based on the attached information on Bribery, Fraud and
Corruption you conduct a workshop to assess your BFC compliance maturity
For guidance please call