Enterpriese risk management

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Executive Summary
1. Introduction
2. Corporate governance
2.1 The board of directors
2.2 Audit and risk management
2.3 Remuneration polices
2.4 Market disclosure
2.5 Ethical standards and share trading
3. Risk management
3.1 Financial risks
3.2 Strategic risks
3.3 Hazard and Operational risks
4. Comparisons
5. Conclusion
References
Appendix

본문내용

This report analyzes Pharmaceutical industry risk management and corporate governance issues. Specifically for: CSL Limited, Sigma Pharmaceutical Limited and Neuren Pharmaceutical, by examining their 2006 annual reports. They are evaluated under the principles of the “ASX Corporate Governance Council Principles of Good Corporate Governance” and “Best Practice Recommendation and Risk Management AS/NZS 4360:2004”.

Basically, the three companies operate under the framework of the “ASX Corporate Governance Council Principles of Good Corporate Governance and Best practice Recommendation”. The three company’s charters document and appoint executive directors and other non-executive board members. The chairperson must be appointed by non-executive members to grant independence. The board is also comprised of several committees including: audit and risk management, human resources, nomination committee and remuneration committees. However the number of committees is influenced by a company’s size. In the case of Neuren, it only operates the audit and risk management and remuneration committees; other committees are linked with board meetings.

The pharmaceutical business is technology oriented and maintains close relationships with government healthcare systems; thus the business exposes not only strategic risks, R& D, and intellectual capital, but also hazard risks.

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