Corporate Governance

The Problem

Recent corporate accounting scandals exemplify the need for better corporate governance. Bank of Britannia prides itself on exemplary corporate governance and undertakes continuous monitoring of its internal controls in order to live up to those high standards. A recent internal audit uncovered that the bank was unduly exposed to risks within human resources. The internal audit found that the bank’s screening process in place was inadequate because it did not assess the risk profiles of job candidates.

The bank wants to implement an internal control that evaluates the risk profile of all job candidates in order to demonstrate a high degree of due diligence. They are particularly concerned with identifying candidates who exhibit consistency and sensitivity under risk. The bank’s stalwart reputation depends on it.

The Solution

Bank of Britannia is familiar with Oxford Risk Rating but not sure if it could be used in a way that meets their needs. Oxford Risk consulted the bank’s risk managers and HR directors to gain a better understanding of their unique requirements. After a comprehensive evaluation, Oxford Risk developed a white label solution for Bank of Britannia by adapting Oxford Risk Rating to meet the bank’s specific requirements relative to various job roles. The white label solution was easily integrated into the bank’s existing human resources applications.

The Result

Bank of Britannia’s audit committee and risk subcommittee are content that a greater degree of due diligence has been incorporated into the hiring process. As a result, the board of directors is satisfied that an appropriate internal control is now in place. The move is seen by the investment community as yet another example of the bank’s exemplary corporate governance. That confidence is reinforced by the strength of the company’s stock.