Prelim-1-Governance-Business-Ethics-Risk-Management-and-Internal-Control

Governance refers to a process whereby elements in society wield __________, authority and influence and enact policies and decisions concerning public life.

power

Good governance requires impartial enforcement of laws, which necessitates an __________ and impartial and incorruptible police force.

independent judiciary

__________ means that decisions taken and their enforcement are done in a manner that follows rules and regulations.

Transparency

Good governance requires that institutions and processes try to serve the __________ of all stakeholders within a reasonable timeframe.

needs

__________ is a key requirement of good governance, as it ensures that organizations are held accountable to the public and their stakeholders.

Accountability

Corporate governance is defined as the system of rules, practices and processes by which business corporations are directed and __________.

controlled

The fundamental aim of corporate governance is to enhance shareholders' __________ and protect the interests of other stakeholders.

value

Good corporate governance aims at ensuring a higher degree of __________ in an organization by encouraging full disclosure of transactions.

transparency

An effective corporate governance structure allows firms to limit exposure to __________ risks and fines.

regulatory

The basic principles of effective corporate governance include transparency, accountability, and __________ control.

corporate

What is the role of an independent judiciary in good governance?

To ensure impartial enforcement of laws and protect the rights of citizens.

How does transparency contribute to good governance?

It allows stakeholders to understand the decisions taken and their implications.

What is the significance of accountability in governance?

It ensures that public officials are held responsible for their actions.

What does corporate governance aim to align?

The interests of shareholders and other stakeholders.

What are the consequences of lacking transparency in corporate governance?

Increased risk of fraud and loss of stakeholder trust.

What is a key function of corporate governance related to risk?

To mitigate regulatory and business risks.

What principle of corporate governance involves thorough oversight?

Corporate control.