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Such focus is beneficial in terms of mitigating relevant rather than irrelevant risks in terms of the company's future. When risks have been identified, they can then be managed in an effective and conscious manner.
Corporate governance is extremely important in determining and managing risks according to the Turnbull report. It is however also necessary to not implement governance in a haphazard and random manner. As mentioned above, governance should be implemented in a conscious and targeted manner. The key driver for this is the clarity of a company's objectives.
The benefit of corporate governance is that this can establish focus in terms of objectives and concomitant risks. A clearly delineated governance body of people can then be assigned the task of determining objectives and risks, as well as communicating these via annual reports and documentation to both the employee base and stakeholders. If this is done effectively, the result is focus.
Employees will be able to focus more effectively on their individual tasks, as they will be aware of how these benefit...
Stakeholders benefit in terms of confidence in their investments and a precise delineation of the investment security that the company can offer them.
Corporate governance benefits the company itself, as it cultivates an awareness of specific risks and how these can be managed not only in general, but also specifically in terms of how business objectives integrate with specific risks. Risks are minimized when company objectives are connected with them. A specified corporate governance body is targeted towards communicating risks, saving the company both the time and investment in outside sources to determine, mitigate and manage risks.
Sources
Carey, Anthony. (2007). "The Impact of the Turnbull Report. www.publicservice.co.uk/pdf/home_office/spring2000/p124.pdf
Computer Communications Systems Consulting Ltd. (2007). "IT Security." http://www.compcom.co.uk/it_security.html
The Turnbull Report. Http://portal.surrey.ac.uk/risk/background/legislation/turnbull
Sources
Carey, Anthony. (2007). "The Impact of the Turnbull Report. www.publicservice.co.uk/pdf/home_office/spring2000/p124.pdf
Computer Communications Systems Consulting Ltd. (2007). "IT Security." http://www.compcom.co.uk/it_security.html
The Turnbull Report. Http://portal.surrey.ac.uk/risk/background/legislation/turnbull
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