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What is business partnering?
BILL Bowman, senior director, risk management and internal control, Infineon Technologies Asia-Pacific, shares his thoughts on the role that business partnering plays in risk management:
BUSINESS partnering between risk management, finance and internal control (or internal audit) is essential in ensuring complementary activities and to avoid an inefficient overlap of activities. Although working to differing timelines, each of these functions share a "gate-keeping" role.
These three functions need to coordinate their efforts so that each understand the focus and activities of the others, even though reporting lines to the board may vary. This ensures that significant risks are not missed and also minimises the duplication of effort and resource wastage.
All three activities are cost centres rather than revenue centres. The results of the work of each of the activities should be shared to the extent feasible. The timelines for undertaking activities also need to be coordinated, thus avoiding excessive burden to the operating business.
All three functions assist in facilitating good corporate governance and ultimately enhancing share price and shareholder satisfaction.