| Country : | Australia |
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Assignment Task -
Format: Written report of 3000 words
This assessment investigates the issue of board and management financial and non-financial risks due to uncertain past or future events in an organisation of your choice. Please read thoroughly the background, task and format requirements discussed below. Note that your assessment submission should follow the latest version of the explainer.
Background
Recent activities by some individuals in boardrooms and management have called into question whether their behaviour or ethics are in the best interests of shareholders and or wider stakeholders or communities (Ferguson & Gillett 2020; Vieira 2020).
If directors and top management show little regard to culture, norms and business ethics in society, then in these circumstances, how well are other financial and non-financial risks identified and monitored? At a country level, a national corporate regulating body or (Federal) government could have Royal Commissions into an industry or sector behaving badly and change legislation to rein in poor director and executive management behaviour (Roddan 2020). At other levels, shareholder meeting votes, shareholder activism or whistleblowers can shine a light on untoward behaviour, including fraud and greed at the expense of shareholders (Ferguson & Gillett 2020; Tricker 2019).
Elsewhere, market mechanisms such as mergers and acquisitions through the financial markets by other organisations, or bank covenants, administration and bankruptcy statutory processes, can control boards and executive management excesses even if it is sometimes too late.
On the other hand, boards and management doing the right thing can be caught off guard by uncertain events that cause risks at the strategic, managerial or operational levels.
Boards of directors need to be made aware of and, preferably, have strategies in place for uncertain events and risks. Some risk examples at the strategic level include the recent COVID-19 pandemic or the ongoing effects of climate change and postures away from fossil fuel use, etc. (AAP 2020; Roddan 2020).
Managerial and operational-level risks are more closely aligned with each organisation and their aversion to risk, and budget capacities to mitigate known risks or prepare for potential uncertain events (Tricker 2019).
Task
Conduct a review of at least two uncertain events that lead to financial and or non-financial risks (i.e. at the strategic and management or operational levels) in an organisation of your choice as a corporate governance issue. Write a critical report about your findings. Use the concepts, tools and techniques learned in this subject to review these issues at the board and/or management levels.
Format
Your assessment submission must include:
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Context and scope in the introduction section for the governance of risk at your selected organisation, for example, a definition and description of at least two uncertain events and their associated risks (see the AIB Style Guide for information on writing an Introduction).
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A brief evaluation of the board and management at your selected organisation with respect to risk from a financial and non-financial perspective, i.e. current and recent past situation.
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An outline of which laws, corporate governance rules, concepts, theory or frameworks, standards, perspectives, guidelines or principles, and corporate, social, governance and sustainability issues or shareholder activism, etc., are relevant for the review. Critically and in an in-depth manner, discuss and argue their importance for your organisation.
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A critical analysis and evaluation of the selected organisation’s recent two uncertain events and identified associated financial and non-financial risks. That is, at least one risk at the strategic level and one risk at the managerial or operational levels (i.e. more than two risks or uncertain events can be identified) and models/tools used to identify risk impact/likelihood of an event and explain any controls in place, for example, risk matrix, risk mapping framework. See, for example, Figure 8.5 in Tricker (2019, p. 222).
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An evaluation and reasoning of the preparedness of the board and/or management in having measures in place for when uncertain events happen that lead to risks at various risk levels within your chosen organisation. What mechanisms are in place to make sure the board are kept well informed of managerial or operational risks by management? [Hint: check annual reports, for example, for financial and non-financial evidence.
Example heading structure
Executive Summary (i.e. 250 words or less)
Table of Contents
1. Introduction
2. Governance and management roles
3. Legislation, Theory, Corporate Governance Principles or Guidelines related to case organisation
4. Committees, external auditor, company secretary responsibilities for risks
5. Financial (e.g. activism) and non-financial (e.g. CSR and sustainability) risks
6. Uncertain event risk mapping framework(s) related to case organisation
7. Board risk awareness impacts on conformance and performance
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