Corporate governance is nowadays critical to any large organization. Solid reputations built up over many years dissolved overnight in the high profile collapses of the 2008 financial crisis. Tougher corporate governance regulations are being introduced to challenge creative accounting, poor internal controls, inadequate challenging of business strategy, excessive pay unmatched to performance and ineffective non-executive directors.
Globally many regulations were enacted that force organizations to focus on corporate governance processes, particularly internal controls with some requiring CEOs and CFOs certify as being effective. Stringent new rules mean that CEOs and CFOs could face significant fines or jail terms if they make unsupportable representations.
At Deloitte we can assess your organization's governance processes, measure them against best practice, and ensure they meet the needs of the business. We can also make sure you comply with the rapidly changing country and financial market specific regulations. Senior executives need to ask themselves when they last studied their organization's corporate governance framework and whether they're confident that it's robust and underpinned by integrated, resilient processes. They need to question the effectiveness of the organization's controls and their comfort level in signing off the annual internal controls statement. We can help businesses evaluate the effectiveness of their organization's governance processes, develop solutions to close the gaps and enable change to minimize risks and maximize benefits.
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