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What is governance?

“The systems and processes concerned with ensuring the overall direction, effectiveness, supervision and accountability of an organisation.”

(The Governance of Voluntary Organisations, Cornforth 2003)

Whether you are a small company or a large company limited by guarantee employing numerous staff, and anything in between, good governance is the key to the effective functioning of your group and is a regulatory expectation. Some governance practices or principles may be required by law if you are a limited company or other regulated structure, but with most it is simply a question of good practice. It is the responsibility of the board members to deliver good governance as they are in charge of the organisation and are responsible for it in law.

Muddling governance and management

It is not uncommon for people to confuse their understanding of governance and management: however they are very different things. It is very important to make a clear division in responsibilities for each to avoid unrealistic expectations and any misunderstandings, particularly between Boards and their paid staff.

Governance is about:

  • Considering the organisation as a whole in its wider context (i.e., the ‘bigger picture’)
  • Establishing and safeguarding the organisation’s long term direction
  • Setting a policy framework and processes for effective working (including Management Information)
  • Being accountable for actions and decisions.

Management is about:

  • Making sure the organisation is well run on a day to day basis
  • Detailed operational planning and supervision
  • Making sure plans are properly implemented in the short to medium term.

Terminology Depending on the structure of an organisation, the managing body might be termed a Management Committee, Board of Directors, Executive Committee, Management Board, or something similar. For the purposes of this briefing, all such bodies will be referred to as ‘The Board’ or ‘Boards’ unless specific reference is made otherwise.

What is required? There are a number of regulatory expectations under the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) regarding governance and these are the organisation structure and the appropriate policies, procedures and manuals that facilitate the running of the firm ina prudent and compliant way. Many smaller companies often state that the FCA/PRA handbooks are proportional.

Whereas this is true in a great many regulated activity areas, there has to be a minimum and set standard for all firms, especially (though not exclusively) those registered with companies house. Simply put, Policies describe the must and must nots. Procedures describe the why and what and processes describe the how and where.

There are three main areas that are considered as key to requiring a thorough review of your governance and these are;

  • General (General Pack) running,
  • on Application for Part IV Permissions (Application Pack),
  • On turning around or re-starting (Phoenix Pack) a firm after regulatory intervention.

For the sake of simplicity we offer a Lite Pack for those needing only a selection of documents.


Contents/ Pack Name
General
Applic’n
Phoenix
Lite Pack
* denotes included

Policies

Compliance Manual and amendment guide – over 90 pages – CLICK HERE Opens In New Window

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Anti-Bribery & Corruption Policy and Assessment Toolkit

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Anti-Fraud Policy

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Anti-Money Laundering & Counter Terrorist Financing Policy

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Conflict of Interest Policy

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Data Protection Policy

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Electronic Communications Policy

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Expenses Policy

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Financial Promotions Policy

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IT Acceptable Use Policy

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IT Security Policy

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Outsourcing Policy

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Privacy Policy (for websites etc)

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Terms of Reference

Board Terms of Reference

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Investment Committee Terms of Reference

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Audit & Risk Committee Terms Of Reference

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Risk & Compliance Committee Terms of Reference

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Ebooks

Easy Social Networking For Businesses

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Business Bloggers – The “How To”EBook for Businesses

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Normal Package Price

1600

1415

1255

1175

Your Offer Package Price

£999

£880

£760

£600

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If You Need Any Assistance In Implementing, Reviewing or Adapting Your Governance, please visit us at Compliance Consultant (www.complianceconsultant.org) or call us on

020 7097 1434

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"Getting The Right Governance In Place Is Key To Your Company's Survival"