Corporate Compliance Report
Companies that are being established as well as companies struggling with compliance issues need some method of dealing with governance. The method of handling corporate governance and compliance issues is to implement an enterprise risk management system (ERM). The system should examine alternatives and incorporate the suitable processes that fit into the company's structure. Developing internal control and corporate governance procedures is the foundation for such a system. Developing these procedures include identifying and putting into practice compliance steps and processes. The company will need to implement preventative internal controls that incorporate risk mitigation. This segment of the process includes utilizing systems and benchmarking organizations for compliance techniques. Lastly, the company will need to determine which techniques to put into practice in its compliance attempt. The company will begin to implement its enterprise risk management system by developing an appropriate internal control and corporate governance system.
Developing Internal Control and Corporate Governance System
Establishing internal control and corporate governance system helps ensure corporate compliance. Significant strategic planning is needed when developing a functional internal control and corporate governance system. This strategic planning includes developing preventive, detective, and corrective controls to cover the aspects of the corporate compliance.
The first step or control procedure a company should undertake when developing a governance system is developing preventive controls to avert a possible compliance violation. Preventive controls include developing guideli ...