Translating governance principles into practices can be challenging due to several reasons. Firstly, there can be a lack of clarity between the board and management on how to implement these principles. Secondly, there may be a lack of visibility into management's decision-making and risk-management processes. Thirdly, coordinating actions can be difficult due to considerations regarding centralization vs decentralization and considering local business, customer, compliance, legal and other needs. Lastly, creating a model with specific data that the board and its committees require can be a complex task.
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