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Zmags
INTEGRATING GOVERNANCE FOR
SUSTAINABLE SUCCESS
2
The mission of the International Federation of Accountants (IFAC) is to serve the public interest by:
contributing to the development, adoption and implementation of high-quality international standards
and guidance; contributing to the development of strong professional accountancy organizations and
accounting firms, and to high-quality practices by professional accountants; promoting the value of
professional accountants worldwide; speaking out on public interest issues where the accountancy
profession’s expertise is most relevant.
The Professional Accountants in Business (PAIB) Committee serves IFAC member bodies and professional
accountants worldwide who work in commerce, industry, financial services, education, and the public and
not-for-profit sectors. Its objectives are to promote and contribute to the value of professional accountants
in b
INTEGRATING GOVERNANCE FOR SUSTAINABLE SUCCESS
2 The mission of the International F
Overview Successful organizations hav
4 Integrating Governance for Sustainable Success
5 Introduction The numerous global
6 Integrated Governance—What Does it Mean?
7 These drivers represent the
8 Integrating Governance into the Organization
to successfully integrate governance into a custo
10 How Professional Accountants Integ
11 DRIVER THREE: INTEGRATED GOVERNAN
12 governance, risk management, and i
DRIVER FOUR: INNOVATION AND ADAPTABILITY
14 A HIGHLY INNOVATIVE STARTUP
increase (see Driver Eight, Effective and Transpa
16 How Professional Accountants Integ
DRIVER SEVEN: OPERATIONAL EXCELLENCE
18 DRIVER EIGHT: EFFECTIVE AND TRANS
How Professional Accountants Integrate Governance
20 Appendix A: Key Principles of Evaluating and
21 Appendix B: Extended Case Studies UPS:
22 beneficial if the customer doesn’t
TOMORROW’S GOOD GOVERNANCE FORUM: EFFECTIVE LEADE
24 effective responses. The professio
UNILEVER: ACHIEVING EFFECTIVE AND INTEGRATED RISK
26 2. The Nine Principles of Risk Man
VERAFIN: HOW THE FINANCE FUNCTION SUPPORTED A HIG
28 HONG KONG HOSPITAL AUTHORITY: INT
government healthcare organizations. Being able t
30 P4P Framework “To prov
SUNWAY GROUP: INTEGRATING GOVERNANCE INTO PEOPLE
32 EDUCATION BEYOND THE ORGANIZATION
33 the CFO, play a role in devising k
34 TATA MOTORS: HOW THE FINANCE FUNC
using regular analysis and reporting
36 VANCITY: EFFECTIVE AND TRANSPAREN
plan to significantly shorten our printed annual
38 Focus on the Integrated Annual Repo
Appendix C: Definitions • Governance: the
40 • Risk management: the “coordinat
41 Appendix D: Important Sources of Information
42 • The Chartered Institute of Mana
risk must be tailored to the specific needs
International Federation of Accountants 545 Fifth