Thursday, February 25, 2021

Magic Governance Formulas

With rising digital tide and cascade change waves, the business ship must get to the digital world to grow and innovate. With high velocity and frequent disruptions, you don't have any choices but to change your sails to move forward. GRC discipline is more crucial in today's digital dynamic. 

Consideration of your current governance maturity-where you are today and how far fast you might change things, coupled with a good definition of roles/responsibilities wrapped around governance processes help to plug in and have impact/influence.

Governance = Accountability: Good corporate governance creates a good decision-making system and good controlling system for decisions and assignment of authority to the appropriate managers. Accountability is to be wise and brave enough as a leader to remove and change in time before the problem becomes overwhelming. The spirit comes from the top, the corporate board sets the tone to enforce accountability. From there it should include the delegation and assignment of responsibilities for carrying out the successful execution of assignments. There should be a governance mechanism embedded in all crucial business processes, and there are governance practices to enforce accountability at every level of the organization. It can assure the corporations’ operation under the correct directions and behaviors correctly. The corporate board monitors a performance management system that encourages responsible communication, enforces accountability, enhances open door listening, improves decision effectiveness, and harness transparency

We have a problem to solve together with the intention to build on morale and real productivity; advocating open leadership, and mutual sharing in successes. Accountability needs to be well embedded in the organizational culture. Behaving accountable is the result of a culture with values that need to be organized and nurtured. Accountability goes hand in hand with the delegation of authority or power, to advocate the digital style of autonomy and self-management.

Organizations have to consciously fight against establishing a culture of no accountability. Holistic GRC approaches enforce accountability at different levels of the organization. If you ensure the individuals have autonomy within their tasks, you will be able to address performance on an equal partnership base. The right formula to reinforce accountability also depends on the organization and what they are trying to accomplish.

Governance - Alignment:
Alignment goes beyond conformity and order taking, it needs to include a close partnership with interpersonal communication, value analytics, and governance. The goal of organizational governance is to ensure that businesses working as a whole to improve communication, harness partnership, demonstrate value and engage employees. That is a factor of multiple considerations (culture, personalities, position, strategic impact.) Portfolio management is essential to successful corporate governance and as such, a comprehensive fusing of a firm's strategic capabilities. Those organizations that have a more mature strategic alignment (integration, collaboration, harmony, etc.) outperform their competitors and tend to be more responsive to the business dynamic.

Technically, a governance model is an architectural description that addresses the concerns of the stakeholders of an enterprise who want to ensure that execution is aligned with intent. To that end, a governance model illustrates the governance processes that are used to govern specific activities and establish decision rights, and illustrates the mechanisms of escalation and resolution used to make decisions. The alignment process can become a smooth and harmonized process, approaching a flow zone in which people are ready for moving to a fluid working environment and business executives are eager to set stages for designing and implementing strategies by taking a step-wise approach at the steadfast paces.

Governance= Superior Management: The Board has to have a good understanding of the organization’s strategic direction and its strategic alternatives. Because of traditional management, the business units often do not work in collaboration, as they are driven by a culture of silos, they fight for the limited resource in order to do what they believe is “locally” right instead of working together in order to do what is “globally right.” The Board needs to be engaged at the most senior levels to help influence and shape the business of the future. Governance= Superior Management. At the majority of the time, the board agenda should be focused on the progress toward the goals, targets, schedules, etc. of the value maximization plan. Value proposition of good governance, brand, and compliance should be integrated within and across operations not siloed off in a box.

You need strong GRC disciplines that help executives and management perform a risk analysis, harness cross-domain connectivity (communication, coordination, and control), raise visibility and awareness for many things that are captured at the different levels of the organization. There are often disruptive processes or technologies that need some relaxation of the old governance models during the changeover. It makes sense to have governance processes that are more lightweight, that are more continuous, and that focus more on results rather than detailed plans. The point is those organizations that have a high mature strategic alignment, integration, collaboration, or harmony will outperform their competitors and tend to be more responsive to the business dynamic.

Governance is like a steering wheel, keeps their business going in the right direction, Governance is not just about controlling or compliance, it’s about achieving high performance. As a corporate brand, culture, knowledge, and risk management are all boardroom concerns, and it is the responsibility of the board to accelerate performance, protect and nurture reputation. On the journey of change, if you want the business ship to go in the right direction, you must adjust your sails with the direction of the wind for getting you to the digital world.


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