“If it Wasn’t Documented, it Didn’t Happen”
Without a “Governance Control System” (GCS), Execution and Performance Metrics are Difficult to Collect, Manage and Analyze
What is Governance?
Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community.
What is Governance Control?
Currently, Internal corporate governance controls (internal controls) play a vital role in ensuring the success of a business organization. Internal control activities that ensure proper corporate governance include: monitoring. internal audits and robust policies.
What is a Governance Control System?
Most governance documents only go so far into the requirements for process and include high level process workflow diagrams. Additionally, they state the need to monitor and/or audit where appropriate. However, what they do NOT do is reference the use of a governance control system designed to manage, schedule, complete, track, document and report the requirements. Without a governance control system, the performance against the value / benefit statements associated with any aspect of governance, cannot be measured; thus, the effectiveness, either in execution or in terms of benefits achieved cannot be determined. A governance control system needs to manage what we do as well as provide a platform to better understand what we know. A governance control system manages process, workflow, communications and information exchange.
PI Confluence has developed a suite of web based applications to accomplish this end. ICAM is a process / workflow management platform, pSEc is an information exchange / communications platform. The outputs of these two functions are then integrated in a series of dashboards to support analytics associated with both leading and lagging performance metrics to drive improvement.