Reading Time: 2 minutes

Governance, Risk and Compliance is essential to ensure sustainable development of both, organization and its employees. But, when we specifically talk about governance, we should learn to look at organization’s internal controls, processes, relevant decisions and their outcomes.

Principles of Good Governance

Exceptional performance and harmony in decision making is an outcome of good governance. Yet, it is very difficult to define good governance. It is a continuous process and not a one time action. Following are the major actions which result in good governance –

Being Focused:

One should define the goals and objectives of the organization. This helps the management and the employees to know the expectations and duties.

Being Effective:

Hiring talent which is capable and effectively works towards achieving the goals is important. This helps an organization to effectively utilize its financial and operational resources.

Being Accountable:

Accountability

If the resources are accountable, it is easy to link it to their performance to their pay. This creates a culture of good governance. It includes participation, transparency, reflection and deliberation and response.

What is good governance?

One can observe examples of Good Governance at all stages of operations – Government level and individual level. Being accountable and responsive towards people, having transparency in reporting & decision making can be followed by everyone. One can say that the Government follows good governance policies when its citizens feel secure and they trust their government to be fair and just. Take a look at World’s most responsible governments by clicking on this link.

It is both a means and an end. Governance can be a goal in itself as well as the process to achieve that goal. It encourages a culture of respect, harmony and inclusion in every entity.

Several agendas of good governance including inclusion, integrity, transparency etc can be built into workable solutions with the right tools. It happens only when the entire entity demands the change. Such solutions help everyone follow “global best practices” and thus, realize the true potential.

Governance VComply

GRC Tools

Tools such as VComply helps the user to standardize its GRC practices to develop a culture of accountability in an organization. Thus, it helps the management to map responsibilities to a person, department or an entity. It One can access it from anywhere at anytime happens a single platform .

One should not be in a blind pursuit of good governance. It needs guided development efforts until it becomes an habit. It is time to acknowledge what works – and disregard what does not.

Previous                                                                                                                       Next

FavoriteLoadingAdd to favorites

Leave a Reply

Your email address will not be published. Required fields are marked *