Actions are dictated by values. Identifying organisational values – both proclaimed and
actual – will assist an organisation to ensure that most, if not all, its actions are
commensurate with these values, and enable it to put in place a robust structure to support
the ‘operationalization’ of its values.
Many governance and risk management problems for multinationals and companies trading
far from their home base, for example, arise because of differing value systems. A
governance and risk management audit assists an organisation to establish clear
guidelines about the limits of acceptable behavior which are consistent world-wide, while
recognizing where appropriate local social differences. In other words, a governance and
risk management audit articulates the core values of an organisation, and assesses the
consistency of their internal and external application: internal with respect to what the
company or organisation says about itself in its various documents, such as statements
about mission and conduct; external with respect to how they act in their host societies and
A governance and risk management audit always starts internally, with a review of ‘paper’,
‘processes’ and ‘people.’ The findings of the audit are then tested out with stakeholder
groups, to ensure that the values base is one which is shared by, or at the least acceptable
to, key stakeholders. The results provide important management information and can (and
ideally should) be used to report on the organisation’s social and/or governance
performance, either as part of the Annual Report or as a supplementary report.
In this assessment, you are asked to conduct a values and risk audit of an organisation with which
you have had some association. It could be a large company, a family business, a school, a
hospital, a not-for-profit organisation. It could be any organisation that provides a service or
conducts any form of social activity that involves:
1. Some form of statement about what it does

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