Governance (G)
Establish qualitative objectives
• Establish quantitative objectives & KPIs
• Develop strategies to achieve objectives
• Document corporate policies and best practices standards
• Document Board and subcommittee meeting minutes and decisions
• Review and measure progress toward objectives
• Review financial results, auditor reports, legal issues
• Investigate whistleblower claims
• Establish remuneration for key management
Risk Management ( R)
• Identify risks and opportunity costs: market, legal, operational, environmental, financial, etc.
• Identify relationships between risks
• Determine risk appetite, select risk treatment options and allocate investments and resources accordingly
• Implement risk management methodologies, frameworks, calculation models, KPIs, and tolerance thresholds
• Collaboratively measure risk impact and probability
• Periodically review and re-assess risk profile
• Monitor for key events and assess impact on risk profile
Compliance Management (C)
• Identify compliance requirements: regulatory, organizational policies, etc.
• Select compliance frameworks
• Document and implement business processes and controls
• Identify and address control gaps
• Monitor control effectiveness and status
• Remediate control issues
• Periodically review and update control environment
• Certify control effectiveness
• Analyze and report results to key audiences
• Generate body of evidence to support auditor requirements
• Assess impact of key events on controls
Governance = Setting goals and objectives by which the organization is governed
Risk management = Identifying, evaluating and monitoring all relevant business risk
Compliance management = Execution of strategic objectives, based on risk tolerance
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