Governance issues are driving changes in systems and processes according to research by CODA Financials, Inc., the finance systems specialist. Sixty-three percent of respondents said they had the mechanisms in place to ensure executive management fulfill their primary responsibility to direct strategy and monitor performance.
The same respondents thought they had the systems in place to provide a realistic, timely and up-to-date assessment of the company's position and results as well as ensuring that management controls and reporting procedures are satisfactory and reliable.
A detailed report of the research is available from CODA and shows that improving forecasting and planning systems was seen as less important than adapting finance systems to meet regulatory pressures. These findings reflect the predominantly containment or "risk as a hazard" approach to Governance.
The research looked at various aspects of corporate governance, corporate social responsibility and compliance with accounting standards and proposed legislation, and 147 international companies in the UK, Germany, France, The Netherlands and the USA were surveyed. The aim of the survey was to take a sounding of the general nature and direction of corporate governance - as well as its implications on corporate accountability - and to establish how worldwide businesses trading internationally are responding to the growing pressures for improved governance.
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