Awareness

A primary component of the Company's human resources strategy to ensure high caliber leadership is the identification, recruitment, development and placement of key management and business talent. When an organization is facing issues dealing with corporate compliance, implementing a system to deal with the compliance and corporate governance issues is the best opportunity for the company. A compliance plan will be developed to analyze alternatives and integrate the appropriate opportunity into the company's system. The first step is to begin by developing an internal control and corporate governance system. This process includes defining and implementing compliance steps and process. Preventive solution the company will recommend that incorporates risk mitigation. This part of the process includes utilizing systems and organizations for compliance techniques. Finally, the company needs to use a problem solving approach to determine which solutions to implement into the compliance effort. The company will begin to implement its enterprise risk management system by developing an appropriate internal control and corporate governance system.

Corporate governance can be thought of as the overall umbrella of control and direction under which a corporation operates. Enterprise Risk Management (ERM) is “a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite and to provide reasonable assurance regarding the achievement of entity objectives,” (BusinessDictionary.com, 2008). Ideal management of risk involves mitigating negative risk while taking advantage of positive risk. The board of directors is responsible for establishing an enterprise risk management philosophy that guides senior management when implementing an enterprise risk management plan for the company. Internal...