Enterprise Governance

What is Enterprise Governance

Enterprise governance is often said to be a framework into which many tools and techniques and codes of best practice can fit that enable governing the enterprise.

enterprise governance

A more formal definition would be: ‘The set of responsibilities and practices exercised by the board and executive management with the goal of providing strategic direction, ensuring that objectives are achieved, ascertaining that risks are managed appropriately and verifying that the organization’s resources are used responsibly.’

Corporate Governance Code

More and more organizations today have a corporate governance code. It does not ensure, but it enables transparency in the organization and prevents a bad corrupt culture from growing.

Corporate governance broadly refers to the mechanisms, relations, and processes by which a corporation is controlled and is directed; involves balancing the many interests of the stakeholders of a corporation.

Read more about the UK Corporate Governance Code here

IFRS: A International Financial Reporting Standard

The International Financial Reporting Standards, usually called the IFRS Standards, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international companies.

Balanced Score Card: An Example Governance Framework

The Balanced Scorecard is an approach to how companies can create shareholder value through more effective governance.

Below is a screenshot of a balanced scorecard. This type of diagram is often used in enterprise governance.

balanced scorecard

GDPR - General Data Protection Regulation

A new part of Enterprise Governance is GDPR. It is the European Union that has brought this new instrument to the market.

The General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU). It also addresses the export of personal data outside the EU.

The primary objectives of the GDPR are to give control back to citizens and residents over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU

Here you can read more about GDPR - General_Data_Protection_Regulation.

Are you interested in doing Enterprise Governance on Dragon1?

Dragon1 is fit for purpose for governance, financial reporting and monitoring code compliancy. You can create the most effective balanced score cards.

If you are interested in doing enterprise governance, create your Trial Account here today.

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