Risk and Governance Reporting:                      p     gChallenges for Effective Disclosures         Wim A. Van der Ste...
With every major corporate crisiscomes a new wave of regulatoryreform, yet seemingly incapableof preventing the next one  ...
Regulation  g• Incompleteness• Imprecision• Substitution• Unintended consequences   |3|   Controlling Insights – Internati...
Will who or what is fit to serveserve well?   |4|   Controlling Insights – Internationaler Controller Verein | Steyr – Fri...
More or less regulation?Tussle between • Self-correcting market forces • Over-prescriptive regulation   |5|   Controlling ...
Comply or explain   py       p  |6|   Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 1...
Comply or explain   py       p • Companies are ‘remarkably                  remarkably   compliant’ • ‘Box-ticking’ by bot...
Explain and demonstrate  p • Minimal guidance • Learning as a disciplining mechanism   and to combat obsolescence • ‘Corpo...
UNCTADDisclosures should be shaped for                         preal use and addressed directlyto value   |9|   Controllin...
Accountability is a precondition             y      pfor responsibilityRelevant information is the keymechanism for vigila...
Disclosures should be shaped forreal use and addressed directlyto value   | 11 |   Controlling Insights – Internationaler ...
FRC (June 2010))    (  The personal reporting on governance  by chairmen as the leaders of boards  might be a turning poin...
Accounting risk v.            governance risk                        or …the things addressed directlyto value   | 13 |   ...
Regulators should be firm in their  g   requirement for disclosure but   restrained in their prescription                 ...
Issuers with robust risk processes                         pshould embrace the opportunity to‘make their case’ rather than...
Complacency is the enemy   p      y            yDiscipline and learning are its      p               gbest repellantsRegul...
Risk and Governance Reporting:                      p     gChallenges for Effective Disclosures        Wim A. Van der Sted...
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1 wim van der stede

  1. 1. Risk and Governance Reporting: p gChallenges for Effective Disclosures Wim A. Van der Stede CIMA Professor of Accounting & Financial Management London School of Economics & Political Science L d S h l fE i P li i l S i |1| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  2. 2. With every major corporate crisiscomes a new wave of regulatoryreform, yet seemingly incapableof preventing the next one |2| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  3. 3. Regulation g• Incompleteness• Imprecision• Substitution• Unintended consequences |3| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  4. 4. Will who or what is fit to serveserve well? |4| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  5. 5. More or less regulation?Tussle between • Self-correcting market forces • Over-prescriptive regulation |5| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  6. 6. Comply or explain py p |6| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  7. 7. Comply or explain py p • Companies are ‘remarkably remarkably compliant’ • ‘Box-ticking’ by both issuers and users |7| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  8. 8. Explain and demonstrate p • Minimal guidance • Learning as a disciplining mechanism and to combat obsolescence • ‘Corporate mandate’ driven |8| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  9. 9. UNCTADDisclosures should be shaped for preal use and addressed directlyto value |9| Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  10. 10. Accountability is a precondition y pfor responsibilityRelevant information is the keymechanism for vigilant stakeholders gto enforce accountability | 10 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  11. 11. Disclosures should be shaped forreal use and addressed directlyto value | 11 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  12. 12. FRC (June 2010)) ( The personal reporting on governance by chairmen as the leaders of boards might be a turning point in attacking the fungus of ‘boilerplate’ which is g p so often the preferred and easy option in sensitive areas but which is dead communication | 12 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  13. 13. Accounting risk v. governance risk or …the things addressed directlyto value | 13 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  14. 14. Regulators should be firm in their g requirement for disclosure but restrained in their prescription p pUsers should be vigilant for credibledisclosures and skeptical for merelycosmetic claims by issuers | 14 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  15. 15. Issuers with robust risk processes pshould embrace the opportunity to‘make their case’ rather than to besubjected to ever more onerous,expensive rules p | 15 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  16. 16. Complacency is the enemy p y yDiscipline and learning are its p gbest repellantsRegulation should provide the firstwithout numbing the second g | 16 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
  17. 17. Risk and Governance Reporting: p gChallenges for Effective Disclosures Wim A. Van der Stede CIMA Professor of Accounting & Financial Management London School of Economics & Political Science L d S h l fE i P li i l S i | 17 | Controlling Insights – Internationaler Controller Verein | Steyr – Friday November 18th 2011 © 2011 Wim A. Van der Stede
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