The area of strategy, risk, and governance includes the role of corporate governance and is imperative for a business. As an illustration, good corporate governance is necessary to enable companies to operate more efficiently, to improve access to capital, and to mitigate risk. It is also required in order to safeguard stakeholders and to avoid mismanagement.
The board is being pulled in many directions as they aim to build credibility with all stakeholders. Regulators are giving increasingly strict standards to follow. Shareholders have increased expectations and, in addition, customers are looking for good prices.
The directors must oversee that all goals and objectives are linked back to risk and strategy. Moreover, the board needs to be managing the risks of the business. There is also a need for transparency in the risk management process.
The aim of the business strategy is to ensure that the right things are being done. These actions need to be coordinated and efficiently executed. The board needs to be focused on meeting the needs of the stakeholders. Significantly, strategy is important because the resources available to achieve these goals are usually limited.
The directors of the company are responsible for setting clear and appropriate expectations for management. The strategy development process should reflect a set of choices. Moreover, it should include consideration of alternatives, clearly outlining their consequences, tradeoffs, and risks.
Strategic planning is important to a business because it provides a sense of direction and outlines measurable goals. It includes the formulation of strategies, with the intention to translate those strategies into specific business objectives and actions. Finally, it includes the implementation of those strategies.
ICSA: The Governance Institute defines corporate governance as “the way in which companies are governed and to what purpose.” To elaborate, corporate governance impacts all aspects of an organization, from communication to leadership and strategic decision-making, but it primarily involves the board of directors, how the board conducts itself and how it governs the company.
Good corporate governance fosters a culture of integrity and leads to a positive performing and sustainable business. Good governance signals to the market that a business is well managed and that the interests of management are aligned with other stakeholders. It also makes companies more accountable and transparent to investors so as to minimize expropriation and unfairness for shareholders.
Services provided by Virteffic relating to Strategy and Governance
The virtual assistant and administration services offered by Virteffic include the area of strategy, risk, and corporate governance. For example, Virteffic can assist with the formulation of strategies, objectives, and actions, and to form a plan for their implementation.
Virteffic can also work together with your business to raise the profile of governance and the key roles of your directors and secretary.
Virteffic’s services includes (but are not limited to):
- presentations or reports about governance, roles of directors and secretary, duties of directors etc
- writing articles or blog posts on the subject
- review and/or write policies and procedures
- draft documents to assist with board self-assessment
- budget reconciliation
- business plan creation
- market research
- project management
- SWOT analysis
- review of corporate governance.
Background and Merits
By way of a background, I am a qualified chartered secretary and an associate of the Institute of Chartered Secretaries & Administrators. I also hold a Bachelor of Social Science in both economics and financial administration. I have deep technical expertise and an excellent understanding of the financial industry after working in the private wealth, and corporate services industry for almost 15 years. My expertise is most noteworthy in governance, policies & procedures, and in all aspects of company secretarial work. For further background, I invite you to review my Bio and CV.