Corporate Governance In the Government Sector – Ignore, Embrace, Enhance?
Is corporate governance just the latest fad for government agencies? What exactly is corporate governance and if embedded throughout Sarbanes-Oxley (SOX) and other corporate regulations, how critical is it to government? The answer: Very critical.
Corporate governance is pro-active officer and management oversight, establishment of policies and procedures that encourage efficient and effective operation, processes and internal controls that ensure good stewardship of public assets and segregation of duties, and a corporate culture that promotes integrity at all levels of the organization.
For many agencies, the reality of ingraining and sustaining good corporate governance into their culture is challenging due to frequent changes in directors and other executive management appointments. Therefore, governance must be woven into all levels of an agency to withstand such leadership changes without adverse impact. It requires vigilant oversight, enforcement of policies, procedures, and controls, and delegation of authorities and responsibilities. More importantly, personnel at all levels must be held accountable for adhering to all corporate governance practices.
Learn more on Corporate Governance practices – contract Don Owens, Director, Internal Audit and Risk Advisory Services at 614-586-7257 or email him at email@example.com.