Overview
Governance is the process by which an organizations top level managers manage the workings of their organization, in particular, how that organization complies with the policies and directives of the executives, and how information about that compliance is gathered by those executives.
Governance falls primiraly on the board of directors, and is one of their key responsibilities to the shareholders.
Best Board Practices
- Board Independence
- Separation of the CEO and Chair
COSO Framework
The Committee of Sponsoring Organizations of the Treadway Commission is an organization that helps "organizations improve performance by developing thought leadership that enhances internal control, risk management, governance and fraud deterrence." In 2004, COSO produced a governance framework for organizations dealing with enterprise risk.
- Business and Operating Units
- Risk and Compliance Functions
- Internal Audit