Corporate Compliance Benchmarking – CareNetWest
CareNetWest Companies, Inc., a fairly new public healthcare company, must deal with a number of risk management challenges, including implementation of the requirements of the Sarbanes-Oxley Act of 2002 (SOX). Having recently lost its Chief Risk Officer, CEO, Dr. Tad Smith, “comes to realize that the company may not house the internal expertise necessary to address these issues and has sought the assistance of industry consultants to facilitate recommendations for action” (UOP, 2008). This paper benchmarks past practices of companies who have had similar situations of identifying and addressing potential solutions for the risk management issues faced by CareNetWest, while applying the short-term compliance requirements along with the overall risk management issues. In order to survive in today’s healthcare industry CareNetWest will find it in their best interest to implement the best business practices of the benchmarked companies.
Concept Analysis
Corporate Governance Concepts
"Corporate governance is the system by which corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set and the means of attaining those objectives and monitoring performance" (OECD, 1999, April).
The Cadbury Report of 1991 considers Corporate Governance as a system through which corporations are guided and directed. On the basis of this definition, the Core Objectives of Corporate Governance can be defined as: Strategic Focus, predictability, transparency, participation, accountability, efficiency & effectiveness, stakeholder satisfaction. The strategy focus defines the...