The Benefits Of Implementing An Integrated Governance Platform
The need for an integrated governance platform has increased with the explosion of e-commerce in recent years. E-business platforms have enabled organizations to successfully address many governance challenges, while increasing their efficiency and effectiveness in executing strategic objectives. However, integrated governance systems have not been designed to address all the governance needs of an organization. Learn the purpose of decentralized governance for blockchain projects here.
The store's owner brought several challenges before her board, one of which was a lack of clear documentation linking each of the core business units. She had an employee that was not trained in integrating compliance, risk management, and technology strategies. Despite her attempts, this employee was unable to identify areas for risk management or compliance training. This led to a series of miscommunications and risk management issues that ultimately led to a lack of satisfaction with the store's current integrated governance platform and an inability to move to a newer system.
Another important element identified was the need for a single Decentralized Governance platform that would enable the different unit-level responsibilities to align with one another. The owner was able to provide multiple department requirements for the integrated platform, but found that she was still required to train her employees in the core areas of compliance and risk management. Having a single system that could be applied across all of these departments, as well as with both compliance and risk management was key to the success of her efforts. While the grocery store was able to successfully implement a number of different integrated governance solutions, including risk management and compliance solution, without a single integrated governance platform, these efforts would have been much more difficult and costly.
In addition to the above challenge, another obstacle for integrating governance within a commercial enterprise environment is that the personnel responsible for managing the various elements of compliance and risk management are not always located in the same location. One solution that proved very useful to this manager was creating a virtual team in-house that was available twenty-four hours a day, seven days a week. These team members were knowledgeable in each area of compliance and risk management and were able to effectively execute the appropriate changes for the department. Virtual teams provide another way to "de-couple" business processes from the actual people who are responsible for them. This gives managers the ability to make quick changes and reevaluate the risk management and compliance capabilities of the company at any time.
In the end, a successful implementation of an integrated governance platform begins with a strategic framework that clearly identifies the overall goals of the company. Next, the functional systems must be broken down into specific roles and responsibilities. Each of these responsibilities should be supported by documentation and have clearly defined workflow requirements. As more functional functions are added, the documentation needs to be further developed so that all of the new workflows can be documented and executed using the same infrastructure. This method of application integration is often the most effective when integrating new and existing systems, because it provides a single point of access to the source code and the full range of tools and resources that are necessary for risk management and compliance initiatives.
Finally, the framework should include a strong, consistent process for onboarding new members into the organization and ensuring that they are trained, guided, and familiar with the processes and mechanics of the company. Once onboard, data governance training and certification should be utilized to provide training and guidance to the workforce so that they understand how to best utilize the integrated governance platform. Lastly, data governance training and certification should be provided to all team members on a continuous basis, so that they know how to make informed decisions in the context of the framework. With the right integrated governance platform, a business can enjoy a significant reduction in cost while maintaining or improving customer service, increased productivity, and a stronger, more stable business environment. Companies that implement an effective data governance system enjoy significant cost savings, increased cash flow, and a stronger commitment to compliance. You can get more enlightened on this topic by reading here: https://en.wikipedia.org/wiki/Governance.