How Can Governance & Controls Benefit Your Business?
Catalyze efficient processes
There are mixed feelings among executives on the subject of governance & controls. Most business leaders and executives understand that they need proper governance & controls. The difficulty is in determining how much is enough and when it is too much.
Implemented properly, Controls become a catalyst for establishing efficient processes, reducing risk, avoiding rework, and preventing costly litigation. Proper Governance is a core aspect of managing a profitable business because it establishes trust and confidence in the organization's management, processes, business operations and treatment of customers.
For governance and control initiatives to be successful, some of the key requirements are:
- Support from the senior management
- A deep understanding of the current processes, problems, gaps and high-touch activities
- Acknowledgement of the issues and opportunities from business leaders who manage various functions and the teams that support these functions
- Definition of the global set of opportunities and identification of business impact of the control gaps
- Development of realistic and workable plans considering current state as it relates to systems, processes, technology, risks, financial constraints, organizational responsibilities and overlap, with a clear understanding of the company culture and aptitude for change
Our services under this category includes:
- Assessment of systems, process, technology and people factors
- Strategy Formulation - performance targets, measures and roadmap
- Current state evaluation for process flow, risk identification and control gaps
- Impact assessment from regulatory and other needs stemming from transformation initiatives
- Developing a comprehensive list of opportunities and threats, driving prioritization workshops, providing recommendations based on analysis and interviews
- Defining a program roadmap, and leading execution with support from CXO’s and business leads
- Helping with organizational design related to large, multi-entity level engagement
- Developing communication and training strategies