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Sector - Small Business
Sector - Senior Living
Sector - Hotels
Sector - Healthcare
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User Access & Privileging
Health and Safety
Manufacturing & Machinery
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Process Governance
Financial Discipline
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Compliance
Artificial Intelligence
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Ethics & Sustainability
Getting Started
Project Management - Oversight
Properly managing projects is vital for controlling costs, delivering what is expected to the customer, and meeting competing needs. There are many issues to consider when overseeing project work, including project selection, programs, portfolio, policies and processes, standards and guidelines, project documentation, and organizational structure. This applies whether you have a formal project management office (PMO) or a small management team to oversee projects. This is the fourth of four project management governance topics.
Policy Development
A policy is a documented management statement that identifies an important company issue and states why it needs to be done. Clear and concise policies provide all stakeholders with a good understanding of how your business wants to operate. Policy Development defines the guidelines for creating these solid policies. The lack of a comprehensive policy can sway a legal opinion and ruling. So it's critical to get the policy right from the beginning.
Policy Management
A successful policy clearly states the requirements for everyone operating within a business. Policy management defines how to maintain existing policies as circumstances change. A policy that does not match what is actually happening in your company is confusing to internal and external stakeholders. In some cases, inaccurate policies may have serious legal ramifications.
Risk Assessment and Management
Taking risks is part of doing business. Addressing up front the risks that most affect a particular company and industry helps reduce the negative impact if it occurs. Results from not addressing risks range from inconvenience to devastating. But managing risks can soften the financial blow and enable long term success.
Separation of Duties (SOD)
Separation of Duties (SOD), also known as Segregation of Duties, is a key component of many regulations and a focal point for various types of audits. Implementing SOD helps improve compliance and security, reducing the risk of fraud by eliminating conflicts of interest. Know how to identify where one person has excess control over a critical process.
Application TCO
Systems and software applications are often purchased and implemented without knowing the life cycle costs. Replacing or keeping an existing business application only makes financial sense if you know the true costs and risks to support and maintain an application. The true total cost of ownership (TCO) via technology business management (TBM) will guide your decision making and strategic planning.
Intellectual Property Use and Protection
Intellectual Property (IP) is highly valuable, and is often considered the crown jewel of a company. It's what separates you from competitors. Others may attempt to steal, copy, or destroy your intellectual capital. Protecting these logical assets usually requires a multi-pronged proactive strategy. IP governance provides a structured approach to identify, develop, protect, defend, exploit, and manage the asset.
Prepare a Business to be Sold
There are many reasons an owner may want to sell a company, such as retirement, illness, moving on to something else, financial difficulties, divorce, or a hot market. To maximize a company's value, an owner should start preparing a business for sale, at least two years before approaching potential buyers. Be prepared to provide buyers with what they want to see before they ever ask. You can attract more buyers by demonstrating how well run your company is and why it would be a good investment.
Cash Flow and Liquidity Risk - Program Management
Cash is still king and critical for business success. Cash flow and liquidity management help you identify potential cash shortfalls, take proactive measures to address them, and strategically manage cash flow to support long-term goals. An effective governance program involves comprehensive oversight, robust risk management policies, accurate forecasting, ongoing monitoring, stress testing, contingency planning, and adherence to regulatory requirements. Failure to implement these measures may lead to increased vulnerability to a liquidity crisis, regulatory penalties, and the loss of stakeholder trust.
Cash Flow and Liquidity Risk - Operations Management
Operational controls around cash flow and liquidity risks are essential for companies to navigate the complexities of cash management effectively. Robust operational controls ensure efficient utilization of working capital, optimized cash flow cycles, mitigation of risks, and timely access to cash, enhancing the company's financial stability and resilience. Conversely, the absence of operational controls can lead to cash shortages, liquidity crises, missed growth opportunities, regulatory non-compliance, heightened exposure to financial risks, and erosion of investor trust.