Impact of Transparency

 If transparency is the wind under performance’s wing, then, the effective way to achieve transparency is through strong and accurate communication.

The transparency is to transform the organization into a system approach, not through a command-control hierarchy only. It has to be implemented systematically and communicated democratically. 

Bridging transparency gaps involves ensuring that clear, accurate, and timely information about financial performance and key risks is accessible. This includes disclosures about business practices, supply chain relationships, and how well a company meets its operational goals. It also encompasses disclosures about policies ensuring ethical oversight, environmental performance, and workforce and community programs.

Transparency enhances democracy, consolidates it in transitional societies, and deals with international conflict peacefully. In business, it is a safeguard against corporate fraud, infiltration by organized crime or political interests, and financial crises.

Long-term Advantages of Transparency:

-Build trust between companies and their stakeholders

-Aid in mitigating corporate misconduct and reducing regulatory risks

-Support sustainable business practices

-Improve long-term financial performance

-Aid in preventing corruption and regulating private interest in public affairs

Promotes higher transparency, openness, and extended participation in public policy

If transparency is the wind under performance’s wing, then, the effective way to achieve transparency is through strong and accurate communication. Transparency can help leaders tell a story of the journey from current state to future state, of improvements, of accomplishments, of enablement with business strategies, etc. It's definitely a great core competency to leverage