Risk management, ethics, sustainability, compliance – those are all issues at the top of Boards’ agendas because they have far-reaching ramifications for today’s organizations. Companies have no choice but to leverage past successes and failures, and make careful assessments of future risks, if they want to stay ahead in today’s digital world.
With the growing prevalence of social media and the dizzying speed of information exchange, any breach in governance can become a major crisis for a company’s reputation. Those risks and many others need to be handled appropriately at both a management and operational level.
Corporate governance is the tool your Board can use to get a clear picture of how your company is running and how its vision and decisions are being implemented throughout the organization.
Corporate governance systems should be designed to:

  • Identify, monitor, and manage risks
  • Anticipate and deal with new and changing threats
  • Mitigate and correct incidents to minimize their damage

Three steps to turning corporate governance into a competitive advantage

1. Enable cross-departmental communication

The first step towards building an integrated Governance, Risk & Compliance (GRC) approach is to break down information silos. According to the 2014 OCEG GRC Maturity Survey, 80% of respondents said that their organizations were using non-integrated, standalone Governance, Risk & Compliance solutions for each department – with little to no sharing of information between them. That leads to gaps in risk coverage and to overall inefficiencies since the work often gets duplicated.
That said, some information silos exist for a reason and not all information is meant to be shared at all times. Each organization has its own rules and Chinese walls in place to make sure information is exchanged appropriately.

2. Anchor Governance, Risk & Compliance in your business operations

Corporate governance is all about decision making and is an integral part of your business operations. The risk management systems and controls your organization uses do not exist in a vacuum – they are part of your day-to-day operations, for managers and staff alike.
Having a detailed schema of your processes, risks, and controls can help your managers successfully implement a GRC framework and take ownership of their objectives and associated risks.

3. Streamline Governance, Risk & Compliance processes

Having a common language and sharing smart information opens new doors to cross-department collaboration and greater GRC efficiency. However, that can also add more complexity because more information is shared to more people involved in many more processes. But that square can be circled, namely by using a common dynamic platform to distribute information, alert users, and provide summaries and personalized reports so the right people get the right data at the right time and in the right format.

How we can help you address corporate governance challenges

At MEGA, we can help you set up a robust corporate governance framework that gives your Board a complete vision of your company’s strategic and operational risks, internal controls, and regulatory requirements. The framework draws on our five integrated solutions designed to support the various processes of your Governance, Risk & Compliance (GRC) departments over three lines of defense: internal control, risk management, and internal audit.
Our HOPEX products are built on a unique, integrated platform to generate greater synergies for advancing your business and IT transformation. The platform is a collaborative, multilingual workspace with a single repository that can be accessed through a role-based interface. It gives you a single, dynamic, and shared view of your business with real-time tools for improved monitoring and decision-making.