Topics covered in this video:
- Details on the investigation at Siemens
- A discussion of the major risk governance gaps identified through this investigation
- A review of operational changes at Siemens that have been implemented
- An overview of the company’s risk management improvements (including their ERM process) and compliance program
- A discussion of how the company works to get the right risk information to the right individuals
What is in the video for Board Directors:
This video details—in a practical way—the lessons-learned in risk governance from the allegations that the company had engaged in corrupt payments. The video highlights some of the costs, both financially and to the reputation of the company, that arose from allegations of unethical conduct. It further highlights how the company has completely restructured its risk and compliance programs to help ensure that this type of incident does not occur again.
What is in the video for ERM and ethic practitioners, corporate executives, regulators and management:
Learn from the experiences of a company that has dealt with a significant risk affecting its reputation. Dr. Dirker provides a candid overview of the practical steps the company has taken to reduce its risk exposures and seize upon new opportunities presented by a company-wide commitment to only conduct ethical business. The video and the associated materials allow viewers to glimpse concrete ways on how this type of risk can affect a company’s valuation, senior management, business environment and employees.
About the risk governance video series:
The Conference Board of Canada (CBoC) in alliance with the Certified Management Accountants of Ontario (CMA) have launched a new risk governance e-learning initiative to assist senior executives and directors to learn—at their pace and within their time specifications—a variety of strategic, operational and humanistic aspects of ERM. The content of these videos capture personal and organizational experiences as well as thoughts and ideas on risk governance and ERM-related issues and topics.