Datasec - IT Security & Control

Corporate Governance Print
Corporate Governance was developed in the 1990-2000 decade to stem the increasing wave of corporate bankruptcies, being supported by 30 of the largest world economies grouped in the OECD (Organization for Economic Co-operation and Development).

Software Tools

Meycor COSO AG

Training

Using Meycor COSO AG to assess and audit an organization's internal control

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Meycor® Solution for Basel II

Meycor® Comprehensive Solution for Enterprise Risk Management (ERM)
Meycor® Comprehensive Solution for SOX
Internal Control based on the COSO® report

Definition

Corporate Governance was developed in the 1990-2000 decade to stem the increasing wave of corporate bankruptcies, being supported by 30 of the largest world economies grouped in the OECD (Organization for Economic Co-operation and Development). According to this organization, Corporate Governance is the system by which business corporations, both from the private and public sectors, are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders.

Principles

The Corporate Governance concept has developed through different pathways, OECD being one of the main promoters to lay the foundations with the creation of its principles:
  • The rights of shareholders and key ownership functions.
  • The equitable treatment of shareholders.
  • The role of stakeholders in corporate governance.
  • Disclosure and transparency.
  • The responsibilities of the board

Objectives

  • Creating shareholder value.
  • To ensure proper enterprise management and administration, specially for those companies that issue bonds for the public stock market.
  • Protecting and promoting shareholder and stakeholder rights.
  • Building trust in the financial markets.
    Promote competition.
  • Enforcing management best practices, particularly on accountability, probity and openness areas.
Our contribution to this area is based on Internal Control and Enterprise Risk Management aspects. Both issues are covered in the Enterprise Risk Management Framework published by COSO on 2004.

COSO

COSO (Committee of Sponsoring Organizations of the Treadway Commission) is an organization devoted to improve the quality of financial reports, considering business ethics, effective internal controls and corporate governance (for further information visit www.coso.org ).

Internal Control

Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories:

Effectiveness and efficiency of operations.
Reliability of financial reporting.
Compliance with applicable laws and regulations.

Enterprise Risk Management (ERM)

ERM is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.

COSO developed an ERM framework that defines essential components, suggests a common language, and provides clear direction and guidance for Enterprise Risk Management.

Training

  • Workshop on Meycor COSO (user level).
  • Introductory Seminar to Enterprise Risk Management.
  • Seminar on Integrated Internal Control Systems Methodology.
  • Workshop on Management Awareness on Internal Control.
  • Course/Workshop on Implementation and Systematization of an Internal Control Model.

Consulting

  • Internal control reviews using the COSO Report framework.

Software Tools

  • Meycor COSO AG
  • Meycor COBIT Risk Manager