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Ethics, Risk, Governance and Fraud - Home Page - …

The views expressed in this handbook are not necessarily reflective of the official views of Fasset. Facilitated by Goldengate Consulting ethics , Risk, Governance and Fraud Course Handbook September 2012 ethics , Risk, Governance and Fraud Course Handbook 2 CONTENTS 1. SPEAKERS PROFILE 3 2. INTRODUCTION 4 3. DEFINITION OF KEY CONCEPTS 5 4. CORPORATE Governance 6 5. UNDERSTANDING Governance PRINCIPLES 7 6. STAKEHOLDER RELATIONSHIPS 10 7. ethics CONCEPTS AND DISTINCTIONS 14 8. IMPORTANCE OF ethics 19 9. ethics OF Governance 20 10. CODES OF ethics 21 11. ethics AND DECISION MAKING PROCESS 25 12. APPLYING THE DECISION MAKING PROCESS TO CASE STUDIES 27 13.

Ethics, Risk, Governance and Fraud Course Handbook 3 1. SPEAKERS‟ PROFILE Olasesi Martins is an expert trainer on Corporate Governance, Ethics and Risk. She is a …

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Transcription of Ethics, Risk, Governance and Fraud - Home Page - …

1 The views expressed in this handbook are not necessarily reflective of the official views of Fasset. Facilitated by Goldengate Consulting ethics , Risk, Governance and Fraud Course Handbook September 2012 ethics , Risk, Governance and Fraud Course Handbook 2 CONTENTS 1. SPEAKERS PROFILE 3 2. INTRODUCTION 4 3. DEFINITION OF KEY CONCEPTS 5 4. CORPORATE Governance 6 5. UNDERSTANDING Governance PRINCIPLES 7 6. STAKEHOLDER RELATIONSHIPS 10 7. ethics CONCEPTS AND DISTINCTIONS 14 8. IMPORTANCE OF ethics 19 9. ethics OF Governance 20 10. CODES OF ethics 21 11. ethics AND DECISION MAKING PROCESS 25 12. APPLYING THE DECISION MAKING PROCESS TO CASE STUDIES 27 13.

2 RISK AND RISK MANAGEMENT 29 14. THE RISK MANAGEMENT PROCESS 32 15. KING III AND THE RISK MANAGEMENT PROCESS 40 16. INFORMATION TECHNOLOGY RISK 46 17. COMPLIANCE RISK 51 18. Fraud 53 19. FACES OF Fraud AND CORRUPTION 61 20. REDUCING Fraud RISK 66 21. DETECTION OF Fraud AND Fraud AWERENESS PROGRAMMES 68 ethics , Risk, Governance and Fraud Course Handbook 3 1. SPEAKERS PROFILE Olasesi Martins is an expert trainer on Corporate Governance , ethics and Risk. She is a skilled facilitator and presenter on leadership issues, ethics , risk and corporate Governance for the last 17 years. Olasesi Martins is an attorney by profession, and holds a Masters Degree in Corporate Law and Governance .

3 She is a trainer or workshop facilitator for company secretaries, Governance officers and company administrators. She is a Fellow of the Chartered Secretaries Southern Africa (CCSA). She is a member of the Panel of Speakers for CCSA CPD Workshops. CCSA coverage is across South African, Zimbabwe, Singapore, China, Australia, Malaysia, and Canada. She is also an Associate Member of the Association of Arbitrators of Southern Africa. She is a Certified ethics Officer with EthicSA and she is trainer on ethical matters. In addition; she is a seasoned speaker in international corporate Governance / company secretarial conferences. Brian Smith is an internal auditor by profession.

4 He holds Post Graduate Certifications in Internal Auditing ( ), Computer Auditing ( ) and Fraud Investigation ( ). Brian has 36 years experience in Risk Management, Internal Auditing, Compliance, Corporate Governance , ethics and IT Auditing and has also been responsible for Training of his staff and for presentations to General Management on all these topics. Brian has been responsible for developing an integrated Risk and Internal Audit Methodology that has been used, for the past 14 years, in one of the biggest services groups on the JSE, which operates in nine countries in Southern Africa, the United Kingdom, Europe and the Asia Pacific Region. Brian is a versatile trainer for executives, managers and administrators.

5 ethics , Risk, Governance and Fraud Course Handbook 4 2. INTRODUCTION This handbook is a detailed guide to the subject of corporate Governance , ethics , risk and Fraud . These are topical subjects at the heart of Governance debates all over the world. This document highlights many of the key issues surrounding the concept of corporate Governance , ethics , risk and Fraud as they apply to all businesses in all sectors of the economy. This document will provide the reader with all the relevant information that s/he needs to know on what corporate Governance means and how to make your business a corporate citizen. Individuals are expected to behave in an ethical manner; however, ethics is a lot broader than that; ethical considerations are at the root of many problems which companies are dealing with.

6 This document on ethics emphasises the need for improved awareness and focus on ethical matters. Every business faces risks ; the nature and severity of such risks may vary from one company to the other. Whilst some risks become insignificant with time, new risks emerge because risk is dynamic in nature; it changes with time. This document will assist the reader to understand the concept of risk as it applies to everyone either as an entrepreneur, a manager or as a layman on the street. It is important to know how to identify and evaluate risks to which a business is exposed in order to put appropriate measures in place to do any or a combination of the following; accept, avoid, mitigate, control or eliminate the risks .

7 risks could be positive in nature where there is a possibility that actual events might turn out positively than anticipated, businesses need to know how to take advantage of that too. Fraud and deceit abound now more than ever before Sir Edward Cole in 1602. As that statement may hold true today as it was in 1602, we have also realised that with time, virtues may be learned, such that core values such as honesty, diligence, responsibility, accountability and fairness become second nature to us as people. However, whilst we are being schooled in the art of becoming better people; businesses still need to deal with the issue of Fraud in every aspect of economic activities.

8 This guide will assist the reader to identify Fraud risks in the business environment and how to deal with them decisively. ethics , Risk, Governance and Fraud Course Handbook 5 3. DEFINITION OF KEY CONCEPTS DEFINITION OF CORPORATE Governance , ethics , RISK AND Fraud Governance is a system of controlling and directing an entity. ethics is a set of principles of right conduct or a system of moral principles. Risk is the effect of uncertainty on objectives. Fraud is a deception deliberately practiced to secure an unlawful or undue gain. ethics , Risk, Governance and Fraud Course Handbook 6 4. CORPORATE Governance WHAT IS CORPORATE Governance ?

9 Corporate Governance is a system by which a company is directed and controlled Sir Adrian Cadbury It is true that the focus on corporate Governance has been on the commercial sector and the public sector, especially in the large public companies where the separation of ownership from management is of a wider scope than for small companies, however, we must be mindful of the fact that corporate Governance is also important for the voluntary sector. Many of the issues are the same, issues such as accountability; stakeholder relations, openness and transparency are relevant in all sectors. In recent times, research has shown that even performance evaluation is not only targeted at the public sector, even voluntary organisations are beginning to look at the possibility of measuring their performances.

10 Corporate Governance is about the manner in which the affairs of company are managed towards the principal objective of meeting the reasons for its existence. For instance, it is about how powers are shared and exercised by the different stakeholders to ensure that company objectives are achieved. ethics , Risk, Governance and Fraud Course Handbook 7 5. UNDERSTANDING Governance PRINCIPLES UNDERSTANDING CORPORATE Governance ISSUES Corporate Governance deals with the following issues which impact directly on sustainable business strategies: a. Rights and equitable treatment of shareholders - Organisations should respect the rights of shareholders and help shareholders to exercise those rights.


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