People, processes and technology
The successful implementation of IMPERIAL’s corporate governance initiatives is reliant on competent, ethical people at many levels of the organisation.
Industry, technical and subject matter expertise is necessary to translate general principles into everyday actions that ensure the protection of stakeholder interests.
To this end IMPERIAL employs and invests in the development of suitably qualified and experienced individuals to implement and sustain the requisite levels of governance throughout the group.
The start of a breakdown in governance is very often a relatively minor ethical infraction which occurs long before laws are broken or regulations transgressed.
In recognising that successful governance relies on matters of character as much as structure and process, IMPERIAL strives to establish and inculcate high ethical standards by means of IMPERIAL’s
Code of Ethics.
Processes are critical to ensure that governance strategy is aligned with governance management and implementation in the group. To achieve this, processes are integrated at all levels. Processes encompass governance and risk oversight policies and procedures, reporting and measurement, as well as decision-making processes. Based on the decentralised nature of the group, it does not regulate operational processes in divisions, although minimum standards are set.
Most aspects of governance are reliant on underlying management information systems and Information Technology (IT). Conversely, the investments and risks of information systems require dedicated oversight and judgement.
Aligned to our decentralised management model, IMPERIAL has therefore implemented an umbrella IT governance framework. The framework was developed and adopted by the divisions in respect of key components and requirements set out in current best practice benchmarks. Each operation is therefore measured against the group minimum standard.The objective of our standardised IT governance framework is to ensure the following:
- Guidance to divisional and operational IT functions
- A standard measure of IT maturity within the group
- Application of King lll