Building a good governance culture

THE onslaught of new technologies and an increasingly porous business world have made the task of building a culture of good governance a more complex one for organisations.

Companies find themselves having to frequently disrupt their business models and innovate to meet their customers' needs and keep their competitive edge. In such an environment, company boards must ensure that their corporate governance infrastructure and culture are robust enough to cope with the volatility.

"It is key for the board to be prepared, to anticipate and react quickly to the inherent risks that the complex business world has brought and will bring," says Philip Yuen, CEO of Deloitte Singapore. "In order to do so, the board should take a more active role in risk management and know the best ways to mitigate the risks that might affect the company, such as cyber risk and reputation risk."