Conference to unpack King III

The ITWeb IT Governance, Risk and Compliance conference will see Judge Mervyn King discuss the implications of King III for business.

As chairman of the King Committee on Corporate Governance and of the Global Reporting Initiative board, King is to give the keynote address at the event, being held on 3 and 4 February 2010 at the Forum, Bryanston.

According to ITWeb's events manager, Ros Creamer, King III has really thrown IT governance, risk and compliance (GRC) into the spotlight. “Heads of IT governance and risk management are now keen to understand the King III recommendations and what the implications are for their organisation.

“There is also increasing interest in the ramifications of the forthcoming Protection of Personal Information Bill,” she adds.

King has chaired and been a director of several companies listed on the JSE and is probably best known as the chairman of the King Committee on Corporate Governance in SA.

In 1994, the committee issued the King Report on Corporate Governance. King I, as it is now known, incorporated a code of corporate practices and conduct that looked beyond the corporation itself, taking into account its impact on the larger community.

A second King Committee report - King II - was issued in 2002, taking this inclusive approach considerably further. The review of King II was prompted by changes in international governance trends and the reform of SA's company laws with the promulgation of the new Companies Act, 2008, expected to come into effect on 1 July 2010.

The revised King Code and Report on Governance for SA (King III) was unveiled on 1 September. It will come into effect and replace the existing King II Code and Report on Corporate Governance on 1 March 2010.

“The review comes at a time when companies and corporate governance are increasingly under the spotlight in light of recent corporate failures and the global economic slowdown,” says ITWeb.

At the conference, delegates will learn how to implement the King III recommendations in their businesses. They will also discover the business value of IT governance as well as the legal requirements for implementing IT GRC.

According to ITWeb, IT GRC is becoming an increasingly crucial focus for businesses needing to comply with local and international regulations and best practice standards.

“Delegates will learn how to establish an effective IT governance framework, implement a risk management strategy, and understand the governance implications of social networks, ITWeb says.

This conference will bring executives up to speed on the latest legislation and best practice standards, examine all the elements that need to be incorporated into an organisation's GRC strategy, and explore practical measures for implementing effective GRC within an organisation.

“This conference is very timely in the light of recent high-profile corporate failures and also the publication of the King III recommendations,” Creamer concludes.