This commitment extends far beyond our own company walls as we stand side-by-side with our clients to ensure that they operate in an environment of constructive oversight and strong accountability. We serve as trusted partners to senior management, helping them to enact effective corporate governance strategies, embed pragmatic risk controls within their organization and act in accordance with regulations.
This commitment extends far beyond our own company walls as we stand side-by-side with our clients to ensure that they operate in an environment of constructive oversight and strong accountability. We serve as trusted partners to senior management, helping them to enact effective corporate governance strategies, embed pragmatic risk controls within their organization and act in accordance with regulations.Mazars tailors its services according to clients’ unique needs, by providing expertise in the areas of:
Implementing robust corporate governance practices is fundamental in order for businesses to mitigate potential risk and successfully navigate unexpected economic, regulatory and societal changes.
A clearly defined and transparent governance strategy directs and guides an organization and promotes understanding and confidence among its stakeholders. Mazars is experienced in assisting boards, committees and both senior and operational management ensure sound governance, whilst fulfilling their responsibilities to a wide range of stakeholders.
Good governance, however, does not stop with strategic decision-making and the cultural ‘tone from the top’ but instead runs deeper into the governance arrangements surrounding key processes and operational decisions.
The services we offer include:
- Reviews of overall governance frameworks (including committee structures and reporting lines) and recommending proportionate enhancements;
- Reviews of governance arrangements and benchmarking these against the Combined (Corporate Governance) Code and best practice and recommending improvements;
- Detailed reviews of board effectiveness (see section below);
- Reviews of existing procedures for evaluating executive and non-executive performance;
- Assistance with the selection, training and development of high quality non-executive directors;
- Reviews of risk management and internal control procedures against the Turnbull Report and the COSO frameworks for Sarbanes-Oxley compliance; and Reviews of corporate culture (see section below).
Boards play a vital role in the long-term success of an organization through shaping and maintaining its purpose and values and also ensuring strong but sustainable performance. Fully functional boards never take success for granted. They are constantly striving to improve and develop along with the organization they represent – sometimes through steady incremental innovation and at other times through embracing and managing the risks of transformational change.
Externally facilitated board effectiveness reviews enable boards to stand back and assess their strengths and areas for development through an independent lens and to identify the changes that will enable them to achieve their full potential. Mazars’ has deep experience of undertaking board effectiveness reviews. These reviews are undertaken with the tact required to manage often sensitive governance-related issues, yet with the insight and incisiveness which comes from our significant experience in the field.
Mazars’ Polarities Model for the assessment of board effectiveness focuses on both outcomes and behaviors, considering those in the boardroom and the wider business.
The CIIA’s Financial Services Code published in July 2013 recommends not only that the remit of internal audit should be unrestricted, but also that it should include within its extended remit the risk and control culture of the organization. Such an approach should therefore:
- Assess whether the processes, actions and ‘tone at the top’ are in line with the values, ethics, risk appetite and policies of the organization;
- Evaluate whether the organization is acting with integrity in its dealings with customers and in its interaction with the markets.
Mazars won the Audit Innovation of the Year award by the IAB for our Corporate Culture Audit. We developed a methodology to make corporate culture visible, measurable and comparable by focusing on vision and values, behavior, responsibility, structures and functions. The methodology can be applied, regardless of an organization's size and structure. We can apply this methodology to provide a structured way of auditing culture within the scope of four core cultural elements:
- Corporate vision and values;
- Corporate behavior;
- Corporate responsibility;
- Corporate structures and functions.