Tuesday, November 29, 2022

Initiateinnovationgrc

11:55 AM 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 Innovation Governance

Initiateinnovationgovernance Innovation is about taking alternative ways to do things. Statistically, innovation management has a considerably low percentage of success rate. There are both learning curves and barriers on the way. Innovation governance should include how to monitor the pulse of innovation including idea generation, prioritization and risk management. It’s important to clarify innovation purposes, strategies, processes, practices, oversee innovation variety and velocity, steer and sustain innovation to manage risks and maximize its business values.

InitiativesofBoDs The business environment becomes so volatile and uncertain, governance is to establish a consensus of what is normal for your organization; manage exceptions as they arise; update your consensus of normal as the organization changes. There’s a correlation between corporate governance and business performance, and there's a clear connection between bad governance and poor performance.

Initiativesofgovernance Organizations across the vertical sectors have different focal points, and they are at the different stages of the business development, growth cycle. Thus, there are different types of governance needed depending on where the piece of work sits on a spectrum.

Innovation In the rapidly evolving businesses and economic systems, innovation is about moving forward. In any business, if you are not moving forward, you’re moving backward.

There is no standing still. Innovation is one of the most differentiated business capabilities to create unique value by producing great products/services to solve problems alternatively. Innovation management overall has a very low success rate. Innovation success depends on many factors such as talent, process, resource, etc. Strong governance encourages creativity and enhances innovation disciplines.

Initiatives of governance We can't and won't be able to predict or manage every turn or twist of the business. It’s about setting up governance initiatives in an organization for identifying common risks which various stakeholders have to deal with in the organization. It’s important to provide invaluable views, rules, methods, and address the different aspects of governance. Governance is neither linear nor single dimensional nowadays, and it should be assessed in an enterprise more holistically.