Corporate Governance and Social Responsibility - FIFA - Bribery and Corruption - Risk Management - Communication Assessment Answer

Corporate Governance and Social Responsibility - FIFA - Bribery and Corruption - Assessment Answer

Assessment Task:

Learning Outcomes:

LO1.    Critically discuss governance and its function in the effective management and control of organisations and of the resources for which they are accountable.
LO2.    Critically apply professional values and judgement through an ethical framework that is in the best interests of society and the profession, in compliance with relevant professional codes, laws and regulations
LO3.    Evaluate the financial manager’s role in risk management and internal control, including review and compliance, from various ethical perspectives. 
LO4.    Critically evaluate the role of the financial manager in identifying, assessing, controlling and mitigating risk.

Task:

“Following a slew of bribery and corruption allegations over the past decade, the Federation Internationale de Football Association (FIFA) entered into what appeared to be its biggest scandal yet in May 2015, when the New York Justice Department announced a 47-count indictment which pointed towards allegations of bribery, vote-buying, and questionable contracts over World Cup broadcasting rights, and arrested FIFA’s top executives. Amidst it all, FIFA President Sepp Blatter’s abrupt decision to resign after 17 years in office generated further interest over FIFA’s “culture of corruption”. Reforms were implemented to counter this, but only time would tell if FIFA could truly undergo a structural revamp. The objective of this case is to allow for discussion on issues such as corruption stemming from the poor tone at the top; conflicts of interest between FIFA and its stakeholders; whistleblowing; transparency and disclosures pertaining to executive remuneration; and applicability of corporate governance principles and practices for listed companies to sports bodies.” 

Task: Review the VIVA LA FIFA case, critically discuss the function of governance with special focus on the board’s professional values using an ethical framework (relevant professional codes, laws and regulations) and critically evaluate the role of the board in risk management, internal control and mitigating risk.

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