Different Elements of Governance Essays

Different Elements of Governance Essays Different Elements of Governance Essay Different Elements of Governance Essay Why are there arrows flowing in both directions between the different elements of governance depicted in exhibit 3-2? The arrows represent the flow of information throughout the governance structure. There are arrows because they show the direction of the communication that there has to be between the elements of governance. What is the difference between the two areas of governance depicted in exhibit 3-3? The strategic direction is when the board is responsible for providing strategic direction and guidance relative to the establishment of key business objectives, consistent with the organizations business model and aligned with stakeholder priorities. Governance oversight focuses on the boards role in managing and monitoring the organizations operation. The difference is that strategic direction is when the board gets involved and provides guidance in order to achieve the organizations objectives, and governance oversight is when the board is actually working on managing and monitoring the organization and what they are doing to achieve the objectives. What are the three different types of stakeholders that the road must understand? Give examples of each type. Directly involved, such as customers and employees, interested such as vendors and shareholders and influence such as regulatory agencies and financial Institutions Directly Involved employees, customers, vendors. Interested employees, customers, vendors, shareholders/limestone, regulatory agencies and financial Institutions Influence shareholders/limestone, regulatory agencies and financial Institutions. What types of outcomes might a board need to insider to understand stakeholders expectations? Financial, Compliance, Operations, Strategic. PEPS Compliance Litigation, code of conduct violations Operations achievement of objectives, efficient use of assets. Strategic reputation, corporate sustainability. What role does the Internal audit function play In governance? The Internal audit activity must assess and make appropriate recommendations for Improving the governance process. The Internal audit should help and gulled the organization to achieve Its goals related to governance. It should help Improve the ethics and values of the organizations, make sure there Is an outstanding performance of management and communicate with the necessary Individuals to Improve the organizations governance process. Different Elements of Governance By sessions influence such as regulatory agencies and financial institutions Directly involved Interested employees, customers, vendors, shareholders/investors, regulatory agencies and financial institutions Influence shareholders/investors, regulatory agencies and financial institutions. What types of outcomes might a board need to Financial PEPS What role does the internal audit function play in governance? The internal audit activity must assess and make appropriate recommendations for improving the governance process. The internal audit should help and guide the organization to achieve its goals related to governance. It should help improve the ethics and values of the organizations, make sure there is an outstanding performance of management and communicate with the necessary individuals to improve the organizations