Good corporate governance – today, this means more than simply meeting regulatory requirements. Of course, supervisory and management board/management must analyse control systems such as risk management, compliance management, internal control system and internal audit, and must ensure that these functions are working effectively to prevent damage to the company and its governing bodies. This might involve fines due to legal violations, potential claims for damages and going-concern risks. Protection against liability rightly remains a central objective of good governance. However, the question has recently arisen of how to most efficiently implement corporate supervision – which can often mean greater effectiveness for the company too. Efforts to automate internal processes and controls combined with maximum system integration are therefore at the heart of modern corporate governance. By establishing 'Corporate Governance Services' in 2010 and subsequently bundling the entire consulting and audit expertise – spanning prevention, audit and certification, and investigation – we offer our clients holistic and market-leading solutions. I am proud to lead this department with its over 400 employees in Germany.
· Schmalenbach Working Group: External and Internal Monitoring
· IDW Working Group: Governance, Risk & Compliance