What is that one factor that determines the success and failure of a corporation?
While marketing and product development are usually the first to come to one’s mind, corporate governance is a silent driver of success. Defining the very bone and muscle of operations and business structure, experienced and successful people are more likely to learn the pivotal role of not just meeting compliance but also surpassing the bare minimum to deliver above the standards and expectations. This is the single most important factor that differentiates sustainable organisations from others.
Here are some corporate governance practices that are more than essential for business leaders to follow:
Internal and Concurrent Auditing
A company might have several vulnerabilities posed by record-keeping errors, fraudulent practices and non-compliance. Internal auditing is a practice that helps minimise the risk of material misstatements, regulatory penalties and undetected frauds that hinder growth and might even cause damage to reputation. It entails a detailed and objective report of governance, regulatory compliances, risk management, operational in/efficiencies, productivity and the adequacy of policies and control processes. Pairing it with concurrent auditing, real-time examination of every financial transaction is highly beneficial. Through stringent auditing, top strategy consulting services offer functional support to the leaders in improving operations and promoting accountability and honesty in the organisation
Business Process Re-engineering (BPR) and SOP Designing
BPR is a highly valued practice that entails a thorough, in-depth analysis of business processes across departments for identification of bottlenecks, inefficiencies and financial missteps. The whole operations strategy is thought out with the aim of aligning to long-term growth and achievement of broader objectives. Paired with SOP designing, wherein a strategy is devised and formally documented for everyone, it becomes a powerful governance practice that gives businesses a competitive edge.
Risk Assessment and Management
Enterprise risk management, fraud risk assessment and prevention as well as risk assurance together form a highly effective tool for corporate governance. They can help a business build a strategic framework for detecting risks and assessing their origin and effects to come up with a robust risk mitigation strategy besides taking a dig at potential fraudulent practices. They go beyond the basic verification of control processes to gain insights into third-party risks and the likelihood of fraud to implement controls and enhance decision-making and resilience. The top strategy consulting services are capable of helping clients build effective policies and monitoring practices to establish transparency and responsibility in their structure and enhance implementation through training.
Corporate governance is an integrated framework for safeguarding the interests and success of an organisation through imbibing values of accountability, accuracy, reliability, and transparency in the overall functioning of the company. Being in the industry for generations, we at TRCC have witnessed enough empires grow and break down due to corporate governance, and thus, we understand its importance more than anyone. Our governance risk and compliance services do not just deliver what is expected or legally necessary. Rather, in the long term, we endeavour to go above and beyond the standards to ensure sustainable financial growth. Contact us today to begin a fruitful collaboration.
