Tuesday, April 5, 2022

Initiategrcpractices

9:54 PM Pearl Zhu No comments

The flavor of GRC practices depends on the nature of the business and the level of the organizational maturity.

Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals.

The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? Can you achieve any level of GRC without automation? Can you achieve any level of GRC without people? What is the real driver of GRC? Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Here are the multiple perspectives of shaping a strategic boardroom with digital acumen.

Initiate GRC Best Practices

Initiategovernancepractices Modern corporations are massive, complex, interdependent dynamic ecosystems. Corporate governance discipline can fulfill its purpose as a high-level business enabler by providing a structured communication bridge between shareholders and corporate directors.

Initiatestronggovernancepractices Good corporate governance enables a good decision-making system and a good controlling system to assure the corporation’s operation under the correct directions and behaviors correctly. The more complex contemporary organizations across the vertical sectors become, the broader scope of corporate governance turns out to be.

Initiategovernancepractices If corporate management is about what and how to run a successful organization for solving a set of problems; then corporate governance is about how well an organization is being run, whether it is in the right direction, as well as its overall problem-solving competency. The possible governance principles, methods, techniques, structures, etc., is based on the design of a management system which generally has a strong process element and the manner in which those management systems mesh with the governance arrangements and practices.

Governance on Governance of BoD A corporate board of directors' duty to shareholders encompasses the need to effectively manage stakeholder issues and values so they do not become a risk to shareholder values. And shareholder values do not begin and end with financial profit. Smart corporations and shareholders know that focusing only on short-term economics can lead to negative values that may outweigh finances in the long-term.

InitiatePractices in Digitizing Corporate Governance Theoretically, almost everything in an organization should have both management and governance components, as governance needs to focus on effectiveness-to ensure business doing the right things, and many times, management is about doing things right.