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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,1,pwc,2nd Asian Roundtable on Corporate Governance,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,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,3,31 May 2000,2nd Asian Roundtable on Corporate Governance,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,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,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,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,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 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,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,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,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,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,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 operations,Reliability of financial reporting,Compliance with applicable laws and regulations,Kiattisak,Jelatianranat,14,31 May 2000,2nd Asian Roundtable on Corporate Governance,Control Reality,pwc,Focus on,people,and,process,not merely policy manuals,and forms,Require dynamic and interactive evaluation techniques.,Verifying compliance with policies and procedures is,not sufficient,Kiattisak,Jelatianranat,15,31 May 200
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