Corporate Governance and Responsibility
Organizations recognize that success comes from quickly adapting to a changing business environment. This is an essential component of corporate governance as businesses decide how to influence and change their operating environments. It includes identifying and understanding the needs and capacities of key stakeholder groups, such as customers, communities, creditors, employees, suppliers and regulators.
Companies that treat 'Corporate Responsibility' as both a challenge to meet the demands of an ever increasing competitive environment and an opportunity to innovate thus adding value will have the upper hand. The business case for corporate responsibility is:
- Attract and Maintain Customers
- Create Operational Efficiencies
- Enhanced Stock Performance
- Improve Capital Market Access
Corporate Governance and Corporate Responsibility are integrally related. While the first centers on the decision-making process of directing, managing and monitoring a company; the second entails how a company manages its business. Thus Corporate Responsibility is specific to management; taking into account the company's values and its mission to have a positive impact on all of the company's stakeholders through economic, environmental and social actions. These stakeholders include not only shareholders, but also employees, suppliers, creditors, regulators, customers, and the communities that host the company. Specifically, Corporate Responsibility combines:
- Company objectives and enterprise risk management
- Decision making structures and processes to address all key stakeholder groups
- Board and management 'tone at the top' and ethical standards
- Social responsibility; including, employee rights and benefits; community initiatives and philanthropy; and environmental issues and sustainability
- Legal and internal compliance programs
- Reporting transparency
The Candela Solutions' team brings a wealth of diversified expertise to enhance or assess your Corporate Governance and Corporate Responsibility to best meet strategic, operational, compliance and reporting objectives.
Refer to related in-house training sessions:
- Corporate Governance: Protecting Shareholder Interests through Strong Stakeholder Relations
- Corporate Responsibility
- COSO Frameworks and Guidance to Meet Operational, Reporting & Compliance Objectives
- Decision Rights and Information Flows: Understanding Two Common Causes for Failure
- Governance, Risk and Compliance (GRC): Putting it all Together
