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What is strategic audit? Explain its relevance to corporate strategy and corporate governance
Corporate strategy and corporate governance must be audited to insure that the course of action is the wisest. In the best scenario growth and profits will be at an optimum. If this is not the case, a strategic audit will show that change is a necessity.
Corporate governance is the structure of rules, processes and practices used to manage a company. The types of risks in corporate governance are critical enterprise risks, board-approval risks, business management risks and emerging risks. Risk management is vital for effective corporate governance because it closes the loop between everyday operational performance and strategic initiatives. Corporate governance should ensure that it has a solid risk management system for the company to develop its strategic objectives within the limits of the risk appetite. IRM introduces the concept of corporate governance through its qualifications - offering individuals the opportunity to become a risk-intelligent leader in any organisation. The Institute of Risk Management is a professional body and world leader in enterprise risk management qualifications and examinations (Level 1 to Level 5). IRM's qualifications focus on giving you a 360-degree approach to risk that goes beyond finance and insurance. Headquartered in the UK, IRM has been driving excellence for over 30+ years with over 10,000+ members across 143 countries.
David F. Larcker has written: 'Corporate governance matters' -- subject(s): Corporate governance 'Strategic decision processes and implications for the design of accounting information systems'
Gregory G. Dess has written: 'Beyond productivity' -- subject- s -: Organizational effectiveness, Leadership, Labor productivity, Organizational learning, Human capital, Case studies 'Strategic management' -- subject- s -: Case studies, Strategic planning, Textbooks 'Corporate governance update: For use with Strategic management'
Duncan Angwin is an author known for his work in the field of strategic management. He has written books on topics such as strategic management, international business, and corporate governance. Some of his well-known works include "The Strategy Pathfinder" and "Strategic Planning for Growth."
There are many approaches to corporate management including management by objectives. The management style chosen depends on how the executive management team chooses to meet their strategic objectives.
Strategic Management - strategic planning; corporate performance through balanced scorecard; risk management; organizational excellence; alignment of methods of operations; polices formulation & implementation Financial Management - corporate financial policies, financial procedures, resource allocation; resource utilization; F/S & Management reports
The contribution of human resource to strategic management includes measurement of personnel performance, and integrating corporate social responsibility into the business.
CORPORATE STRUCTURE, GOVERNANCE,LEADERSHIP & STRATEGIC MANAGEMENTCorporate structure ……………………………….Business ethics………………………………………………..Leadership aspects…………………………………................Operating segments…………………………………………...Vision/Mission/Objectives……………………………………Approaches to business……………………………………….
There are many approaches to corporate management including management by objectives. The management style chosen depends on how the executive management team chooses to meet their strategic objectives.
Corporate governance is most often viewed as both the structure and the relationships which determine corporate direction and performance. The board of directors is typically central to corporate governance. Its relationship to the other primary participants, typically shareholders and management, is critical. Additional participants include employees, customers, suppliers, and creditors. The corporate governance framework also depends on the legal, regulatory, institutional and ethical environment of the community. Whereas the 20th century might be viewed as the age of management, the early 21st century is predicted to be more focused on governance. Both terms address control of corporations but governance has always required an examination of underlying purpose and legitimacy. - - James McRitchie, 8/1999 http://corpgov.net/library/definitions.html