To assess the effectiveness of the processes that enable “reliably achieving objectives while addressing uncertainty and acting with integrity,”
Marks suggests asking 12 questions. Follow the links for each to a discussion of the underlying points.
- Are goals and strategies to achieve them clearly established and communicated across the organization, so that there are common goals and objectives?
- Does the organization work in harmony, sharing information and working toward shared goals?
- Is there integration between strategy-setting and risk, performance management and risk, budget and strategy, strategy and compliance, etc.?
- Are functions, processes, and systems fragmented, inhibiting performance?
- Does the organization have a culture that embraces performance, intelligent taking of risk, and compliance with laws, regulations, and society’s expectations?
- Is performance measured and rewarded consistent with delivery of value, achievement of objectives, and organizational values, long as well as short term?
- Does management (at all levels) have quality, reliable, timely, current, useful information readily available when and where it makes decisions?
- Is there a reliable view of risk across the organization?
- Is the voice of risk heard?
- Does compliance “chase the bus” or is it part of strategy-setting and initiative decisions?
- Does the board receive timely, quality, reliable, current, and useful information to advise on strategy, monitor executive performance, and function effectively?
- Does the board have continuing assurance of the effectiveness of GRC processes?
Follow the links:
- Taxes In The Boardroom
- Indirect Tax Function Effectiveness
- Indirect Tax Strategic Plan
- Global Indirect Tax Management: Governance And Performance
- Global Indirect Tax Management: People and Organization
- Global Indirect Tax Management: Process And Controls
- Global Indirect Tax Management: Technology And Data
- The Indirect Tax Objectives
- How To Manage The Perception of C-level And Realize Tax Objectives
Richard Cornelisse is CEO of the KEY Group and worked previously as Big4 Partner in the Tax Performance Advisory and Indirect Tax Practice and blogs on Tax Function Effectiveness and Tax Control Framework developments.
- What is your business case for Risk? (siddhukolappan.wordpress.com)
- Taxmarc™: your best SAP solution for Indirect Tax Automation (indirecttaxtechnology.com)
- Risk management program: an overview of courses and career options (reply.com)
- Making the Business Case for GRC (the-decisionfactor.com)
- Sap governance risk compliance online training and placements|www.magnifictraining.com (slideshare.net)
- Effective Selection and Implementation of IT GRC Solutions (blogs.gartner.com)