BDO, the global accountancy organisation, has teamed up with software firm Ideagen to produce an industry leading white paper on achieving effective corporate compliance and oversight (CCO).
The report – entitled ‘The Golden Thread: Achieve Sustainable Competitive Advantage via Risk-Based Compliance and Oversight’ – highlights the importance of collaboration between an organisation’s board, management and internal audit teams in managing corporate risk.
BDO’s Risk Advisory Services and Ideagen work with a broad range of organisations across a variety of industries to help them implement effective risk management and CCO strategies, systems and processes.
Nigel Burbidge, BDO’s Risk and Advisory Services Global Chair and co-author of the white paper, said: “The purpose of this white paper is to provide organisations with some insights in addressing the challenges associated with achieving CCO.
“How are management performing in the delivery of strategic priorities? Do those charged with the governance of the business understand what the principal risks are that may prevent the company from achieving its goals? Are they managing those risks appropriately and is the business fully compliant with applicable laws, regulations and standards?
“These are all questions that executives and managers have to take into consideration when designing and implementing compliance and governance programmes. This white paper, co-written with Ideagen, will address these challenges, firstly by taking a risk-based approach to corporate strategy and secondly by harnessing the leverage and power provided by risk-based CCO software tools and methods to standardise and automate compliance and oversight.”
Gordon McKeown, Ideagen’s Product Evangelist, added: “The rate of change in many organisations’ operating environments and markets is larger than ever before. Change management and manoeuvrability are prerequisites of survival and success, requiring strong governance, strategy, performance and risk management.
“Many standards and regulations are moving to a risk-based model. For example, more than a million companies around the world comply with ISO 9001 and the new 2015 edition encourages them all to adopt a risk-based approach to operational management.
“Currently, many organisations are seeking the operational efficiency benefits of adopting a risk-based approach to performance and strategy management. Ideagen and BDO recommend that organisations take a risk-based approach to the management of strategy and operating performance in order to become more effective in achieving their goals.”
The white paper, 'The Golden Thread: Achieve Sustainable Competitive Advantage via Risk-Based Compliance and Oversight' can be downloaded here.