Compliance and risk management in Corporate Governance

Based on A.deKluyer (2009), a discussion agenda is formulated on the topic of Compliance and Risk Management in Corporate Governance study:

1. The managerial implications of the new regulatory climate
• The provisions of the Sarbanes-Oxley Act
• The changing role of the audit committee and the audit committee's relationship with outside auditors
• Warren Buffett's view on the challenges facing the audit committee
2. Legal issues in oversight of Board of Directors
• Board of directors' duty of care
• The Business Judgment rule
• The duty of Oversight
• How can a board protect itself?
3. Early warning signals ( red flags) for the board to spot a corporate culure that is susceptible to conflicts of interest and manaagement abuse
4. Questions about ethics and compliance for the board
5. Questions about hedging, derivatives and trading risks
6. On Enterprise Risk Management: its aims and the board of directors' role in the risk-management process
7. On codes of ethics and codes of conduct
• A good code of ethics is for the CEO to sign and for the board of directors to endorse

References

1. A.de. Kluyer, C. (2009) A Primer on Corporate Governance, Business Expert Press. [Chapter 6: Oversight, Compliance, and Risk Management]
2. On Sarbanes-Oxley Act: http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act; also refer to related video: http://www.youtube.com/watch?v=8Hrl2FhOf6s&feature=related
3. On enterprise risk management: http://en.wikipedia.org/wiki/Enterprise_risk_management
4. Scope of enterprise risk management (video): http://www.youtube.com/watch?v=i9iSFiBWVmI
5. Internal control (video): http://www.youtube.com/watch?v=BTIVVb5nHXw&feature=related
6. Internal control lectures (video): Lecture 1; Lecture 2; lecture 3.
7. On  audit committee lecture (video) : http://www.youtube.com/watch?v=rSpNZZWFTJY