An organization should determine the routine and exceptional disclosures and filings it must provide to external stakeholders.
Principles
> Timely & accurate
> Tracked to confirm receipt
> Based on templates and forms to minimize risk of errors
Business Objectives
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To ensure timely development, implementation and management of reporting
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To ensure timely and accurate reporting to the board of directors regarding the implementation and operation of the program
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To ensure compliance with external reporting requirements
Considerations
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Appropriate delivery channels for reports (mail, phone, email, website, electronic, etc.) should be selected based on:
> legal mandate
> type and complexity of report
> size and location of target audience
> whether the report is proactive and informational or a response to a critical event
Critical Success Factors
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All legally-mandated reports must be identified and systems must be in place to ensure appropriate preparation and delivery
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Voluntary reports should be made in accordance with established policies and procedures
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Voluntary and non-standard reports to external parties should be vetted with legal and communications personnel