Sunday, January 29, 2023

Initiativesofgovernance

12:06 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.

Initiatives of Governance

Initiativesofgovernance The speed of change is increasing, and the business ecosystem is more dynamic. The more complex businesses become, the higher the requirement for business connectivity and governance discipline turn out to be in order to meet performance baselines and generate value, allowing different roles to work together in harmony. Governance principles, processes, and practices need to be assessed, evaluated, and modified periodically to address the latest trend, increasing business management effectiveness, performance, and resilience.

Initiategovernance Governance is about guidance and direction; to ensure organizations have set the right guidelines, clarify roles & responsibilities, with clearly defined processes in place. Focus on running your business, doing the "right things"; improving risk intelligence, and making sure that the things are done right afterward.

Initiativesofgovernance The world has become much more complex and smaller all at once due to blurred territories, virtual interactions, intriguing business reality, and global professional mobility. Governance is complex because the management discipline and GRC practices are more interdependent than ever.

Initiativesofgovernance Running a business is complex, governance as an interdependent discipline of management helps to steer business in the right direction. Governance is the structure and process of authority, responsibility, and accountability in an organization.How to enforce the organizational governance discipline depends on the nature, scale, and complexity of the organization, as well as understanding risks and barriers it faces in business changes. Without effective GRC discipline, the business will face significant risk for surviving, and opportunities which it creates cannot be properly transferred into multidimensional business value. Strong governance to enable business management dots connection is both art and science for improving organizational effectiveness and maturity.

Initiativesofgovernance The digital environment is constantly changing, forcing the business to keep adjusting accordingly. In fact, today’s organization has become much more dynamic, informative, hyperconnected, and interdependent. Governance is the structure and process of authority, responsibility, and accountability in an organization to enforce business management.