Parastatals and Implementing Agencies

GOVERNANCE, RISK AND COMPLIANCE: Governance is simply the responsibility of a board of directors or trustees. This responsibility is called governance simply because it stops there and it is ultimate responsibility. Responsibility is present when it is accepted. Audit is simply to check that acceptance of responsibility by the board. Risk is simply a method to make decisions, perhaps the only method to organisational, formal and logical decision making. The only other way is emotional or impulsive decision making. Risk does not only denote a possibility for an adversity against objectives, but very much includes chances for great opportunities to enhance objectives. Audit is a simple check on such a great and universally accepted practice. Compliance is fundamentally a business cultural issue. Auditors are really skeptical when non-compliance might be a result of lack of management integrity. GOOD GOVERNANCE EXISTS WHEN RISK MANAGEMENT PROCESSES ARE ACCEPTED AND WHEN COMPLIANCE IS TAKEN AS MINIMUM NECESSARY GOAL.