The Challenge of the New Age
Edited by David H. McIntyre and William I. Hancock
Chapter 6: The Impact of Threats and Catastrophes on Corporate Governance: How to Minimize Disruption, Mitigate the Risks and Manage Business Recovery and Continuity Proactively
Gad Selig I do not believe you can do today’s job with yesterday’s methods and be in business tomorrow. (Nelson Jackson) INTRODUCTION Over the past few years, there has been a lot of talk and discussions about business threats based on man-made and natural disasters and security breaches such as 9/11, tsunamis, Internet identity and information theft and increasingly violent hurricanes such as Katrina. The Department of Homeland Security was established by President George W. Bush in 2002 to improve inter-agency coordination in case of threats and disasters as well as a funding mechanism to help state and local governments start or improve their own emergency preparedness and response programs. As a result of the federal government actions and the increased awareness of the potential negative impacts of terrorist attacks, natural disasters, industrial accidents (such as Bhopal, India and Chernobyl, Russia), industrial espionage and other causes of threats, business organizations must be prepared to do their part to protect their assets, minimize business disruption and institute business continuity and protection programs as an integral component of corporate governance. The issues, opportunities and challenges of effectively governing an organization’s operations and functions, customer demands, investments, regulatory compliance, resources and business continuity has become a major concern of the board and executive management in enterprises on a global basis. According to the International Association of Accountants: ‘Corporate governance is the set of responsibilities and practices exercised by the Board and Executive Management with the goal of providing strategic direction, ensuring that plans...
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