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The bar is being raised for boards across the globe when it comes to the area of risk management. Regulatory bodies worldwide are gradually publishing requirements for changes to corporate governance codes which are incorporating guidance for standards of effective risk management and reporting. In particular guidance for directors of all types
The 2007-2008 financial crisis and the collapse of the large American investment bank Lehman Brothers led to widespread public, media and political outrage over large CEO pay packages at Wall Street firms which were subsequently bailed out by taxpayers. In response the US Congress passed the Dodd-Frank law.
New corporate governance practices are being rolled out across the globe and existing practices are being developed. In some countries and industries in the past, corporate governance standards have been perceived to be inadequate and weak. However, with the changes in regulations and standards over the last few years corporations are concerned that amended governance