ISO 37000 Corporate Governance Manager flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- ISO 37000
- International Standard providing principles and guidance on governance of organizations, applicable to all types and sizes; it is not a management system standard and cannot be certified.
- Governing body
- Person or group with ultimate authority and responsibility for the organization's governance, such as a board of directors, trustees, or equivalent.
- Stakeholder
- Individual or group that can affect, be affected by, or perceive itself to be affected by the organization's decisions, activities, or outputs.
- Purpose
- The organization's enduring reason for existence, expressed as the outcome it seeks to achieve for its stakeholders and society.
- Value generation
- Creation of sustainable value across economic, social, and environmental dimensions, balancing short-term and long-term interests of the organization and its stakeholders.
- Strategy
- The organization's plan for achieving its purpose, including direction, resource allocation, risk-taking, and performance measures.
- Governance outcomes
- The three outcomes identified by ISO 37000: ethical culture, effective performance, and legitimate and trusted engagement with stakeholders.
- Accountability
- The obligation of the governing body and individuals to answer for decisions, actions, and performance to stakeholders and authorities.
- Governance framework
- The structures, processes, policies, and relationships that enable the governing body to direct, oversee, and hold the organization to account.
- Proportionality
- Design principle that governance arrangements should be proportionate to the organization's size, complexity, risk profile, and sector context.
- Delegation of authority
- Formal assignment of decision-making powers from the governing body to committees or management, with clear limits and accountability.
- Stakeholder engagement
- Ongoing, inclusive, and transparent interaction with stakeholders to understand their interests and inform governance decisions.
- Whistleblowing
- A channel for raising concerns about misconduct in good faith, protected from retaliation, overseen by the governing body.
- Legitimacy
- The perception that the organization operates in accordance with accepted norms, laws, and stakeholder expectations, earned through transparent and ethical conduct.
- Code of conduct
- A formal statement of the organization's ethical values and behavioral expectations, applicable to governing body members and employees.
- Tone at the top
- The ethical climate set by the governing body and senior leaders through their behavior, decisions, and communications.
- Ethical culture
- A governance outcome where shared values and accountability drive behavior, supported by incentives, training, and consequences.
- Risk appetite
- The amount and type of risk the organization is willing to accept in pursuit of its purpose and strategy, set by the governing body.
- Oversight
- The governing body's ongoing scrutiny of management performance, risk, compliance, and internal controls to ensure alignment with strategy.
- Due care
- The standard of care expected of governing body members: informed, diligent, and prudent decision-making in the organization's best interests.
- Internal control
- Processes and systems designed to provide reasonable assurance of effective operations, reliable reporting, and compliance with laws and policies.
- Monitoring
- Continuous or periodic assessment of governance performance, risk, and controls to identify deviations and inform corrective action.
- Continual improvement
- Ongoing effort to enhance governance effectiveness through feedback, review findings, and lessons learned from incidents.
- Self-assessment
- The governing body's structured evaluation of its own performance, composition, and effectiveness, used to drive improvement.
- Governance reporting
- Disclosure of governance structures, processes, performance, and ethical conduct to stakeholders, ensuring accuracy, timeliness, and balance.
- Transparency
- Openness about decisions, their rationale, and trade-offs, enabling stakeholders to hold the organization to account.
- Materiality
- The threshold at which information is significant enough to influence stakeholder decisions and therefore should be reported.
- Normative references
- Documents indispensable for applying a standard; ISO 37000 has none, making it self-contained.
- Governance
- The system by which an organization is directed, controlled, and held to account, encompassing roles, relationships, and accountability.
- Ethical behavior
- Conduct consistent with the organization's values and accepted moral principles, expected of all members and overseen by the governing body.
- Stakeholder accountability
- The governing body's obligation to account to stakeholders for its stewardship and the organization's impacts.
- Performance oversight
- The governing body's monitoring of strategy implementation, operational results, and value generation against agreed objectives.