Most often, the many components of corporate governance are construed as a board of directors’ project. However, there are numerous benefits to good governance that would benefit the entire organisation. However, the board cannot oversee elements of good governance like culture, accountability, and the management’s ability to spot potential concerns before they occur. Therefore, to avoid duplication of efforts regarding sustainability, transparency, risks, and documentation issues, a change process will implement corporate-governance adequately so that management is committed, chooses the right change processes and can help achieve the objectives of replication methods, clean up IT and data, develop business growth and streamline operations.
Corporate governance is an opportunity to manage policies, processes, technologies and cultures by identifying the IT and data needs and threats to the current business model for growth and innovation. Therefore, change management is a critical methodology to adapt and alter. The amount of change will vary between organisations due to the significance and impact on the underlying processes and handling requirements introduced by the multiple corporate-governance areas.
Alice in Wonderland and the Cheshire Cat
If you are going down the wrong path and not reviewing and adjusting corporate-governance will get anywhere. But, like Alice in Wonderland, if the Cheshire Cat asks her where she is going? If you don’t know where the company is heading, it doesn’t matter where you end up. A gap analysis of the areas chosen before implementation will most probably address the need to streamline the complexities of operations, find the right path and, in most cases, result in cost savings in the long run.
A change management approach to corporate governance can take a holistic view of IT, data and information governance that involves information security, marketing, HR and product development departments to ensure that the organisation is improving its control and risk management across these departments, rather than implementing a check-the-box compliance exercise.
Lessons from the past compliance implementation, interpretation and enforcement
Corporate-governance codex and regulation define the corporate scope as management. The governance officers must be confronted with the problem of deciding which codex to follow and which corporate-governance components are in scope. The decision is vital due to the enormous and different cost implications.
When mapping the governance data helps you to understand the multiple governance content and often provides the opportunity for new services or products when addressing the pitfalls when defining the risks. Address as well the multi-jurisdictional reach of the corporate-governance. It is both a threat and a challenge for global companies to know precisely how the governance regulation will play out in different countries.
Effective corporate governance is key to the company’s long-term success in the current aggressive business landscape to gain a competitive advantage due to lean processes, structured data and improved communication with all stakeholders.
Events that will address the above issues:
- The India Corporate Governance Day: Mumbai on the 20th of January 2023: details: https://www.corporate-governance.institute/indian-corporate-governance-day-2023/
Register here: https://www.corporate-governance.institute/indian-corporate-governance-day-2023/
- The Global data Protection Day on the 30th January 2023: details: https://www.copenhagencompliance.com/2022-data-protection-day/
- Global IT Governance Day on the 16th of February 2023: https://www.copenhagencompliance.com/2022-global-it-governance-day/