Pre-pandemic Risk Dashboard released a new module – Governance into it’s unique risk audit and compliance platform for advisory and business leaders, in response to the collapse of a number of large corporates; Carillion, Thomas Cook, and Patisserie Valerie, to highlight to the SME owner and their advisors the importance of a strong governance framework.
While SME’s may not be subject to the same level of regulation as large corporations, having a strong corporate governance framework can help SME’s improve their performance, reduce risks, and attract investors.
What is Good Corporate Governance?
Governance is the framework that allows control and the adequate direction of the people, policies and procedures of an organization in order to achieve its strategic goals.
Good corporate governance practices can help SME’s improve their decision-making processes, reduce risks, and promote transparency and accountability.
It is the set of actions intended to ensure that not only does the business strategy have a clear purpose, but it also considers the environment and acts based on an ethical culture founded on values and principles. Good corporate governance means leaders are aware of the impact the company generates on its stakeholders, have the capacity to respond to stakeholder needs and are always prepared to face the various challenges that the future may bring.
In addition, having a strong corporate governance structure can help SME’s attract investors, as it demonstrates that the company is well-managed and has sound business practices in place. This can be especially important for SME’s looking to raise capital or secure financing or even plan for a profitable exit.
How can Risk Dashboard help?
Directors are typically responsible for protecting the governance and viability of the organization, so make sure risk management is a central issue to your work. The first step is to identify the greatest risks to the business, and then establish action plans to mitigate their effects – this is exactly where Risk Dashboard can help.
Real-time, evidence-based data is at the epicentre of Risk Dashboards software, allowing businesses to function and transform how they support the detection and monitoring of RISKS.
Business owners and their advisors should make sure that all actions are measured because what is not measured cannot be improved. Through Risk Dashboard you will establish metrics that will make it possible to identify gaps in relation to your statutory obligations, establish best practice, generate improvement plans and evaluate progress over time.
If you would like to know more about how Risk Dashboard can help in creating a strong corporate governance framework, please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk
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