Monthly Archives: November 2012

Elements of Risk Management

It can be argued that risk management and compliance in banks became a mathematical exercise which for all practical purposes ignored human nature. We have, hopefully, now learned that risk management is just as much an art as a science. … Continue reading

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Regulation & Governance

I read this piece in an ACCA publication and thought of copying it as it succinctly articulates my views! Something I always repeat in support of functions like risk management, learning & development, quality assurance in my office, which unfortunately … Continue reading

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Effective Internal Audit

A new internal audit model is needed to restore confidence and make internal audit relevant after the dramatic changes in the business environment of the past few years.The new approach to internal audit should allow for auditors to work with … Continue reading

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UNGC missed a trick or a farce?

Companies in Sri Lanka rush to join the UNGC because their ten principles does not demonstrate a commitment to good corporate governance! Most of these can be taken care of by the ILO? Except for a small word on anti … Continue reading

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SEC- time to Act on Related Party Transactions

Many directors of PLC’s (public listed company) were up in arms over SEC’s draft rules which were restrictive on RPTs to prevent commission of fraud on innocent individual shareholders. Their duty includes the protection of minority shareholders. How would these … Continue reading

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Transparent disclosures

Organisations should be accountable to their stakeholders. Financial reporting is fundamental to demonstrate accountability. They should also implement procedures to independently verify and safeguard the integrity of the company’s financial reporting. Disclosure of material matters concerning the organization should be … Continue reading

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Frauds of the month

Knowledge of the methods used to perpetrate frauds will help you identify them or atleast flag them on time. This way you can improve Governance. These are some of the creative frauds uncovered during the month of October. Obviously no … Continue reading

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