Why businesses need a governance framework
All business, whether big or small have governance frameworks. But, are the governance frameworks effective and efficient? Usually businesses don’t call their processes, systems and internal controls as governance frameworks, but this is exactly what they are. When it comes to corporate governance and governance frameworks, one size will never fit all and an organisation should consider designing policies, procedures and setting internal controls which are relevant and fit for them.
What does the OECD say about governance frameworks?
The importance of having an effective risk governance framework was highlighted in the OECD’s Risk Management and Corporate Governance report which you can find by clicking here.