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As the world becomes ever more interconnected, in all sorts of sophisticated ways, the task of governing organisations has become ever more complicated. Corporate governance, which relates to the governing of corporate entities and other types of organisation too, necessitates that those responsible need training, often by attending specifically created governance courses.
Connected enterprises also need to focus on their cyber governance, where senior level staff will be responsible for setting up policies and procedures relating to the governing of their information security and systems. Employees will need to follow these internal guidelines so that the enterprise can achieve organisational compliance with the vast plethora of rules and regulations that we all increasingly face.
The staff responsible for corporate governance will normally be ‘C’ level employees such as CEO (Chief Executive Officer), CTO (Chief Technology Officer), CIO (Chief Information Officer) and CISO (Chief Information Security Officer). Many of these senior managers and directors will need to be trained in effective corporate governance and cyber security governance.
For those tasked with the corporate governing of their organisation, they will need to understand the UK Corporate Governance code, the board’s role and its committees and the effective induction and training of new directors. In addition their role in risk management and internal controls, stakeholder management and the role of the company secretary will need to be understood too.
For those working in a role of cyber governance, more likely those in a more operational or technical role, they will need to understand legislation covering information security and IT plus how and why personal data must be protected from hackers and how to comply with regulations such as the EU’s GDPR (General Data Protection Regulation).
Staff attendance on courses pertinent to governance will both provide the individual with the skills to effectively govern there are of responsibility and display to the authorities that the organisation has taken all necessary steps to ensure that staff have been trained as well as can be expected.
To comply with an array or laws and regulations, senior staff must be able to ‘steer the ship’ in the right direction by implementing policies and procedures that ensure their enterprise is working in a legal, ethically correct and safe manner.
There are many organisations and government bodies that are responsible for creating standards, rules, regulations and legislation that must be adhered to. These include the UK Government, ICO (Information Commissioners Office), the Organisation for Standards (ISO) and the CQC (Care Quality Commission) amongst others.
For financial services there are the FCA (Financial Conduct Authority), PCI-DSS (Payment Card Industry Data Security Standard) plus many other bodies.
For IT and technology – FISMA (Federal Information Security Management Act), COBIT (Control Objectives for Information and Related Technologies), NIST (National Institute of Standards and Technology), and IEC (International Electro-technical Commission) amongst many others!
This is by no means an exhaustive list of standards, rules, regulation and law-making bodies, which is why attendances at corporate governance course of study are so high! Cut out the red tape and consider booking yourself on a course that will help you to sort the wheat form the chaff today!
In the EU a new General Data Protection Regulation (EU GDPR) law is an EU-wide single data privacy law. These laws seek to prevent the loss and misuse of personal data by improving data security. Non-compliance may lead to organisations facing fines of up to €20 million or a whopping 4% of their annual turnover. Bad corporate governance therefor could lead to massive penalties for corporation that do not comply
MiFID II applies to IFA’s (Independent Financial Advisers) and FCA regulated bodies; again huge fines can be imposed for non-compliance.
How to comply? First seek Compliance and Governance Course training!
Those responsible for good governance will need input from specialist staff, such as compliance officers, project managers, human resources and others. There is myriad of compliance red tape that impacts on the operation of today’s corporations, large and small. The red tape must be fully understood to avoid issues and even huge fines or even the loss of operating licences.
There are many training providers offering courses in good governance, responsible senior managers must pay particular attention to these for themselves and other specialist staff that are responsible for setting and implementing governance policies and procedures.
There is potentially so much ground to cover that a formal staff-training program should be considered in relation to corporate compliance and good standards of corporate governance.
Professionally structured courses in governance procedures will provide an insight into the tools necessary for students to examine their organisations governance arrangements so that they can consider improvements.
Organisations are themselves fully responsible for assessing which rules, regulations, standards and laws they need to adhere to. Only by training the right individuals in the right areas of governance and compliance will full compliance with best practice within an industry be achieved.