Governance Boards make decisions that impact the operational aspects of a business. The Board will create the strategy, define the risk appetite and regularly test both the strategy framework and the risk matrix. Boards are usually made up of a mix of skills that are either internal or external (non-executive and independent).
In many organisations, the Board is made up of like-minded people typically focused on finance and legal with a handful of other skills – despite these skills being very important in today’s ever changing markets. Having a balanced Board is critical to the success of the organisation.
However, having a Board is only the start of creating good governance! What is needed is a framework of policy and process that provides a governance structure to guide the Board and ultimately the management. Without policy or process/procedure, a Board may flounder in certain situations if the relevant skills are not available. Putting these in place doesn’t need to be an onerous task, however the benefits of undertaking this work is to reduce the time taken for meetings, reduce the time to conform to legal or industry compliance and improve the communication between all stakeholders.
How can Madison Wells help with your Governance Board?
Madison Wells has partnered with TPPG (The Professional Partner Group) and GovernRight to provide a strong governance framework with associated management and reporting tools. TPPG is focused on helping Boards to gain the benefits of good governance with the simplification of having a cloud-based portal to speed up the ongoing management of the processes and policies.
The GovernRight© Framework helps an organisation to create the 7 Pillars of Good Governance and the output (held in the portal) is a Strategic Plan, Risk Matrix and the structure to manage all Board meetings: agendas, minutes and action plans. The built-in templates speed up time to delivery and speed up the time to audit in the Board meetings and the framework focuses on helping the Board with three key responsibilities:
- the oversight of compliance risks – Compliance Governance;
- monitoring the strategic plan implementation and performance risks – Performance Compliance;
- focusing discussion on the management of changing/emerging trends – Emerging Governance.
Talk to us on 02 8912 2139 today to learn more about improving the Governance in your business.