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CGF ARTICLES, OPINIONS & EDITORIALS

BEYOND PLAY: A down-to-earth approach to governance, risk and compliance (2014-10-03)

Advertorial by CGF Research Institute

Dawn Pretorius, a lead consultant for CGF, has published a book entitled BEYOND PLAY
It provides for a down-to-earth approach to governance, risk and compliance and is intended for any person wanting to understand how a business should operate ethically and lawfully, taking into account how to manage or mitigate its risks on an enterprise-wide basis.

The book unashamedly focuses on the financial services industry, which is probably the most compliant-driven and risk-aware industry in South Africa.  The author has purposefully not written about this topic from an ‘academic’ perspective, but has instead provided a refreshingly different and practical account of governance, risk, and compliance (‘GRC’).  That being the case, BEYOND PLAY provides not only the members of a board, but indeed all the officers of an organisation a useful tool which can  serve as a useful daily guide to draw reference in most challenging situations.  All three elements of governance, risk, and compliance are discussed; and they are -- quite correctly -- integrally connected through a Corporate Governance Framework®.

Whilst the author has enunciated her deep and practical GRC understanding within the financial services industry, the principles covered are equally applicable to any industry in terms of an approach to governance, risk and compliance. Similarly, the principles apply to every company, big or small, listed and unlisted, for profit or for non-profit and it also applies to government both nationally and provincially.  Indeed, considering the very strict regulatory regime in which the financial services sector operates, many of the points covered by the author may in fact allow readers an opportunity to gain a proactive insight to those matters which still lie ahead in other industry sectors.

BEYOND PLAY has been written to give the reader (whether it is students, practitioners or directors and officers) a holistic view of the enterprises governance, risk, and compliance (eGRC).  Expectedly, any senior manager and indeed directors will extract great value from this book; however for those people tasked to manage compliance or risk as subset components within the corporate governance discipline, there is a lot more detail to investigate and learn about.  BEYOND PLAY provides so much practical value and insights, making it a ‘must-have’ resource for any discerning GRC enthusiast.

No matter where you may find yourself across the world, most GRC subject matter experts will tell you that governance, risk and compliance are inseparable, and they are grouped together for a reason.  All three components should be embedded within the organisation’s strategy in order to give it true meaning; moreover in doing so, GRC will occupy the board’s attention which it rightfully deserves.  By the board maintaining a constant, balanced approach to GRC; it is able to demonstrate to the organisation’s stakeholders the importance of GRC that underlies the culture and ethos of the organisation.  As organisations successfully embed and maintain these critical components within the organisation’s strategy, the more credible the organisation becomes, including improved brand and corporate reputation, not least better returns on investments.  Understandably, there are knock-on benefits for organisations who seamlessly integrate GRC within their psyche, and these may also include better workplace environments with happier, healthier employers as well as more credible, robust products and services.  The overall effect of these concerted co-ordinated efforts leads to more sustainable organisations and the economies in which they operate.  The dangers of trying to treat GRC as separate stand-alone functions, lies in silo operational mentality, efforts and activities which will in most instances lead to various forms of dysfunction, including unwanted competing interests, duplicated processes, unnecessary spending, conflict, poor returns, disenchanted investors and similar organisational ills.
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