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Brian D. McCarthy, there’s a little known code outside of the UK that comes into effect on the 1st of January 2025, called the UK Corporate Governance Code. The code applies to companies listed on the London Stock Exchange, regardless of where they are incorporated. However it is not mandatory and comes with no penalties for non compliance.
The purpose of the guidance is to stimulate boards’ thinking on how they can carry out their role in governing their companies effectively. Setting out guidance for boards in principle define, manage and document their responsibilities; develop their 3 lines of defense for audit, risk and internal control; manage board composition, success, evaluation and renumeration.
Whilst the code is a positive development one wonders today how those companies effected by the code will place any urgency over its application? At a time when other jurisdictions are moving to regulate corporate governance and the oversight, assurance and attestation of corporate risk management?
Veritas GRC will of course be considering the code in its board risk management programs that include Cybersecurity for regulatory compliance, AI Governance, Data Governance and Cloud Governance.
@Thaddeus Dziekanowski Faisal Khan Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #cyberregulation #governance #riskmanagement
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