Risk-Based Compliance Monitoring in Ghana: A New Era of Accountability

Introduction

In a bid to strengthen corporate governance and ensure compliance with regulations, the government of Ghana has introduced a risk-based compliance monitoring framework. This innovative approach aims to identify, mitigate, and resolve potential risks and non-compliance issues affecting state interest entities.

The Framework

The framework is being implemented by SIGA Law and seeks to establish a code of conduct and guidelines for good corporate governance. This will enable the effective identification, escalation, mitigation, and resolution of risk and compliance-related matters.

Key Components of the Framework:

• Developing an Effective Governance Mechanism
  • Assess various categories or industries of state interest entities
  • Mitigate risks through effective management mechanisms
• Providing Capacity-Building Support
  • Implement and evaluate governance, risk, and compliance processes
  • Provide support for specified entities to ensure compliance
• Monitoring Regulatory Developments
  • Keep abreast with regulatory updates and compliance controls
  • Report instances of non-compliance for resolution
• Collating Information for Performance Assessments
  • Ensure state interest entities comply with operational, legal, and regulatory requirements
  • Liaise with relevant departments for checks and investigations
• Preparing Periodic Risk Profiles and Reports
  • Provide strategic information for Executive Management and the Board
  • Inform decision-making on business objectives and appointments

A New Era of Accountability

The introduction of risk-based compliance monitoring in Ghana marks a significant shift towards accountability and transparency. By implementing this framework, the government aims to promote good corporate governance practices, prevent non-compliance issues, and ensure that state interest entities operate with integrity.

Expected Benefits:

• Improved regulatory compliance
• Enhanced risk management
• Increased transparency

The success of this initiative will undoubtedly contribute to Ghana’s efforts to promote a culture of accountability and good governance.