Then, appropriate controls can be built into the process design, the costs of errors and rework in the initial rollout can be reduced, and the ongoing initiative can be more successful because monitoring processes can signal when activities and results are missing their intended goals and corrective actions can be initiated more promptly.
According to a global survey of governance at financial institutions conducted by PricewaterhouseCoopers (and reported in April), one of the reasons financial institutions are not making the grade is that they equate effective governance with meeting the demands of regulators  2  BIS Review 74/2004  and legislators, without recognizing that sound governance is also good for business.1 In other words, they tend to look at this as another compliance exercise.