Thursday, November 4, 2021

Innategovernance

Great governance as a discipline is a living breathing entity which continually requires stroking and attention.

Governance is like the steering wheel, ensuring the business to run in the right direction; more than three fourths of today's business value are based on their ability to embrace complexity, test uncharted water, decide which one to go after and which one they will not go. 

Corporate board as one of the most critical governance bodies plays an important role in overseeing strategy management. Good corporate governance highlights that the board of directors is ultimately responsible and accountable for co-designing, advocating and then sustaining culture for an enterprise to prosper by meeting its agreed goals with the available resources whilst making the most of its opportunities.

Governance is about enhancing decision effectiveness, accountability and improving performance: Forward-looking organizations today are breaking down silos, enhancing cross-functional communication and collaboration to ensure that the business performance can be optimized and the organization as a whole is superior to the sum of the pieces. Governance is the complementary discipline to corporate management. What is needed today is strong front-end decision making and a large dash of freedom to manage, instead of out-of-date disjointed top-down management paradigms. The corporate board's role, in large part, is to make strategic decisions that enhance the value creation for the organization and provide advice to the management team on how to fill decision blind spots and improve strategy management effectiveness.

Real-time business insight can help corporate board leaders make effective decisions timely as you can’t afford to defer critical decisions until such time that all facts and information are available. It is more imperative when uncertainty, velocity, complexity, and doubts are major hindrances to decision making. Nobody can guarantee the achievement of the annual strategic goals. Strong governance discipline improves the consistency of decision-making across the organizational hierarchy; getting the people, culture, accountability, and performance right by increasing the probability of business achievement.

Governance is an enabler for rejuvenating a culture of high performance: Governance tensions are related to the clarity of roles and policies of the circle. Corporate boards practice their judiciary duty by setting good policies to encourage desired culture – the corporate mentality, attitude, behavior for improving business maturity. Governance as a multi-disciplinary approach is an enabling vehicle that provides a platform for determining strong business character and sound corporate behaviors. Corporate Boards need to deal with the poor governance and eliminate all the bureaucratic regulations that fix symptoms; enhance real time governance discipline to fix root causes.

Governance is about super management. To run a real time organization, the process and information governance are genuinely needed to synchronize information management because different parts of the business are making shared use of them. Also, there are many aspects that can be adequately addressed through the normal delegation of controls approach of the managerial structure within an enterprise. At the high maturity level, governance should be understood via multidimensional lenses such as innovation, people, and multidimensional value perspectives, and be enforced holistically.

Governance processes become more lightweight, continuous, and that focus more on results rather than detailed plans: Good governance provides a common corporate "language" and work instructions, builds proper standards, appropriate business and use cases, etc. Great governance as a discipline is a living breathing entity which continually requires stroking and attention, otherwise it will stagnate and lose its ability to be one of the prime enablers to accelerate corporate performance.

For every corporation which should work and be effective and efficient, you need good governance. It presents a very real risk that governance as a discipline will begin to lose focus of its prime purpose if it does not address strategically important emerging issues. Solid governance discipline needs to have direct links to each business management discipline and its processes to make sure that management is doing its job properly. With emerging technologies and high level of automation, governance processes could become more lightweight, continuous and effective for enabling business growth but improving risk intelligence.

Corporate governance is about steering the organization in the right direction and governing the evolution of the company. Corporate governance discipline can fulfill its purpose as a high-level business enabler by providing a structured communication bridge between shareholders/investors and top business leaders such as corporate directors; by enhancing process/capability coherence of the organization; and by improving the overall corporate management effectiveness and maturity.






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