1.2. The Drivers for Governance

Governance is far from a new concept; corporations have long practiced it. But there has been a change in the level of attention given to governance. This increased emphasis has been driven by the needs of the corporation, the stockholders, and regulatory bodies. The following are some of the key business drivers for improved corporate governance.

1.2.1. The Rise of Risk

Recent economic events have shown clearly that the improper assessment and management of risk can have a catastrophic impact on a corporation. The precise causes of the recent economic crisis are open to debate, but it's clear that ineffective or nonexistent risk management was a significant contributing factor.

In its policy paper "Climbing ...

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