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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Board responsibility for internal control and risk management,by,Kiattisak Jelatianranat,Chairman,The Institute of Internal Auditors of Thailand,Director,PricewaterhouseCoopers,Kiattisak Jelatianranat,31 May 2000,1,pwc,2nd Asian Roundtable on Corporate Governance,Board responsibility for inter,Responsibility VS Accountability,Responsibility What,and Who will do?,Accountability How,and For whom?,.Both need independence and objectivity,Kiattisak Jelatianranat,pwc,2,31 May 2000,2nd Asian Roundtable on Corporate Governance,Responsibility VS Accountabili,Balanced Scorecard in Corporate Governance,pwc,Financial&non-financial information.,Equitable Treatment of stakeholders.,Combination of Lagging and Leading Information.,Alignment of short-term objectives,Kiattisak Jelatianranat,3,31 May 2000,2nd Asian Roundtable on Corporate Governance,Balanced Scorecard in Corporat,Balanced Responsibility legal&moral,pwc,Create strategic vision,Select CEO&Senior management,Establish strategic,accountable information,Independent,objective and competent oversight of day-to-day operations,Board“core”responsibilities.,Kiattisak Jelatianranat,4,31 May 2000,2nd Asian Roundtable on Corporate Governance,Balanced Responsibility leg,Board Effectiveness,pwc,Corporate governance framework,Risk management system,Internal control system,Auditing,x,Board initiative&Ownership of:,x,Selection of CEO&senior management,x,Oversight of CEO&senior management to establish,Accounting system,MIS,Compliance program,Operating systems,Kiattisak Jelatianranat,5,31 May 2000,2nd Asian Roundtable on Corporate Governance,Board Effectivenesspwc Corpor,Why corporate governance matters?,pwc,Effective governance,and,Proper communication with your stakeholders,Sustainable Growth,Pleasant Working Environment,Substance,Form,Spirit,Kiattisak Jelatianranat,6,31 May 2000,2nd Asian Roundtable on Corporate Governance,Why corporate governance matte,Searching for the upside of risk management,pwc,Value Chain VS Risk,Opportunity,Uncertainty,Harzard,Risk is any issue which could impact your ability to meet your objectives,base-line,Enhancement,Preservation,Prevention,Kiattisak Jelatianranat,7,31 May 2000,2nd Asian Roundtable on Corporate Governance,Searching for the upside of ri,Risk.,pwc,Risk Assessment,-Identify,-Measure,-Prioritize,Risk Management,-Assess adequacy of existing controls,-Develop a control improvement plan,-Create a continuous program for objectives,risk and control,assessment,Kiattisak Jelatianranat,8,31 May 2000,2nd Asian Roundtable on Corporate Governance,Risk.pwc Risk Assessment,Risk Management Action Options,pwc,Kiattisak Jelatianranat,9,31 May 2000,2nd Asian Roundtable on Corporate Governance,Options,Fix Controls,Re-Engineer Process,Trainings,Transfer Risk(Insurance),Outsource the Function,Do nothing-Bet,Risk Management Action Options,Well-controlled Organizations,pwc,Key attributes of a well-controlled organization include:,#1.Leadership of Board,#2.Translation of strategic vision to day-to-day management,#3.Communication of objectives&values to all levels,#4.Individual accountability,#5.Risk management system,#6.Human resources reinforcement,#7.Independent,objective and competent oversight,Kiattisak Jelatianranat,10,31 May 2000,2nd Asian Roundtable on Corporate Governance,Well-controlled Organizationsp,Risk&Control:The twin systems,pwc,Define strategic risk,Articulate risk philosophy,Define values and behavioral expectations,Assess risk,Manage risk,Assess existing controls,Select control model,Continuous communication,Continuous program for ORC,Develop a control improvement plan,Operations are dynamic and evolving.,Communications&Audit,Alignment,Control,Risk,Objective,Kiattisak Jelatianranat,11,31 May 2000,2nd Asian Roundtable on Corporate Governance,Risk&Control:The twin syst,Complexity of Value chain.,pwc,A board must have the capability to respond to and manage changes.,“Risk Management”and“Business Control”are the first thing for any board consideration.,Kiattisak Jelatianranat,12,31 May 2000,2nd Asian Roundtable on Corporate Governance,Complexity of Value chain.p,Internal Control Learned in Real World,pwc,Focus on“Soft Control”in assessing all of COSOs,“Five Components”and“Three Objectives”.,Soft Controls are subjective in nature,thus self-assessment is,crucial for success.,Implementation as an integral cultural change.,Internal Control training is a“must”.,Tailor practices to an organization to assure the surpassing,expected benefits from the implementation.,Kiattisak Jelatianranat,13,31 May 2000,2nd Asian Roundtable on Corporate Governance,Internal Control Learned in Re,COSOs Internal Control Definition,pwc,is a,process,effected by an entitys,people,(board of directors,management,and other personnel),designed to provide,reasonable assurance,regarding the achievement of,objectives,in the following categories:,Effectiveness and efficiency of op
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