This is an interesting new trend in corporate governance. However, a mere 5% of public companies now have technology committees on their boards, as cited by Nash...Yet most companies do not seem to equate those risks with good corporate governance at the top ranks
3 Comments - Not only does technology governance need to involve the board – a company also needs to integrate its key management functions
Very interesting CFO Magazine article on the growing crisis of corporate governance, risk breaches and the need for additional technologies to assist companies with the major financial liability issue… "Despite such headlines, “corporate mistakes keep getting worse,” Forrester writes
1 Comment - Today I watched a presentation by Boardwalktech and MetricStream (GRC software provider) that had startling claims about the lack of critical spreadsheet governance. Firms of all sizes still rely heavily on Excel spreadsheets and other user-developed technology to produce financial reports and cannot show that they have strong management and control over these key pieces in the supply chain of financial reporting
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Interesting debate yesterday before the US Senate Banking Committee on the topic of expanding disclosures of US companies to include environmental, social and governance data besides just financial disclosures
Among other things, the recommendations propose requirements for disclosure of material Environmental, Social and Governance (ESG) specific risks, aimed at enhancing transparency
According to CERES - while almost half of the 600 largest U.S. public companies communicate with investors about environmental, social and governance issues, they could be doing a much better job of it
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Efforts are underway to use XBRL for non-financial information that companies disclose which also includes natural and human capital metrics to deal with better corporate governance topics such as climate change, diversity, gender pay, human trafficking and child labor in a supply chain