The pandemic has made some corporate governance topics act as the core areas that you should look after. Cybersecurity is undoubtedly one of the top priorities for organizations. Digital obligations, work-from-home model, regulations, and response strategies are vital topics as well. In this article at the Journal of Accountancy, Audrey Katcher shares core corporate governance topics that corporate boards are prioritizing amid the coronavirus crisis.
Corporate Governance Topics to Consider
Corporate governance boards must raise questions that will help organizations see issues early and solve them. Some of the inquiries you must have as a board member are given below:
What are the top cyber risks the organization is facing, and how can you manage them?
How many technological obligations are you able to meet, keeping aside the disruptions caused by the COVID-19 crisis?
Working from Distributed Locations
What policies are in place to ensure employees have safe access to the company database?
As compliance is one of the crucial corporate governance topics, how far has the company maintained regulatory standards?
Is there a disaster recovery plan for the company to survive the pandemic crises? Are there metrics to monitor and control risks, committees to watch over lessons learned implementation, and resources to facilitate change management?
According to the National Association of Corporate Directors, you should concentrate on two more corporate governance topics. They are “overseeing management on behalf of shareholders and other constituencies” and “advising management, albeit with limited involvement in everyday company operations.”
Duties That Company Must Fulfill
While the board is busy discussing corporate governance topics, the company should also shoulder some responsibilities. Have answers for resource management and succession strategies. Your company must control commitment fulfillment plans and manage vendors, business partners, and services. You should be ready for resource shortage, supply chain disruption, facility inaccessibility, customer bankruptcy, and technology-related obligations.
To view the original article in full, visit the following link: https://www.journalofaccountancy.com/news/2020/sep/corporate-governance-in-coronavirus-cybersecurity-technology-considerations.html