Getting governance and culture right

Dysfunctional boards can make misguided decisions that lead to regulatory lapses, while defective cultures are a significant risk factor for conduct failures. Dilip Degamia outlines principles of good governance and healthy culture, as well as some dynamics that undermine them.

Dilip Degamia is an independent regulatory consultant and director at DVK Management Ltd: linkedin.com/in/dilip-d-a19b5432. Dilip has decades of experience in various senior compliance roles.

The concept of governance is not novel, but its significance has notably grown in the past five years. Regulatory bodies are increasingly highlighting deficiencies in organisations' governance practices, holding boards and executive management accountable for shortcomings. This heightened scrutiny extends downward, encompassing certain key staff who are also subject to increased accountability.