More evidence of the need for cultural change
Tuesday, 22 June, 2010 Leave a comment
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We already know, from the number of cases that have been exposed in the last few years, how banks, oil companies, insurers, aerospace, construction, motor manufacturers, Politicians, even nations and Churches have misrepresented themselves. Preferring to spend [and spend big] to create and maintain the illusion of respectability, quality, integrity, even piety! Employees becoming dis-engaged. Prudent and dissenting voices silenced, even, “dismissed”.
Business has made itself just another victim of a culture of its own making. One of opacity and excess complexity.
FTSE 100 companies analysis reveals a lack of transparency over risk in most annual reports. Let’s face it this isn’t really news is it? Nor is it bounded by national borders! No surprise either that BP are cited in the article but, whilst their, justifiably, much maligned CEO came in for some real stick from US Senators I thought his “performance” more credible than that of the Goldman Sachs CEO! Apparently he knew next to nothing, couldn’t remember much about anything related to strategy, transactions, conversations with Treasury Officials, etc. where there may have been some scope for further implicating GS and [the clincher] struggled to see too much wrong in “stealing” money from US taxpayers in the guise of bailout payments to AIG!!!
“Risk identification and management discussion still seems to be difficult for companies to convey in a relevant and informative manner with some reports providing very little in detail in terms of risk management regarding who is responsible, what the process is and some practical examples of how risks are managed throughout the business.”
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- NY Times.com: Talking about Complexity and Its Discontents (davidgwilson.spaces.live.com)