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Frequently asked questions
What is a governance framework?
A corporate governance framework refers to the documents, systems and procedures that regulate how an organisation operates and makes strategic and operational decisions.
Why is a governance framework important?
A well-designed and fit-for-purpose governance framework assists an organisation in the following areas:
- Enhanced risk management – The framework helps identify and mitigate potential risks, protecting the organization from harm.
- Increased transparency and accountability – The framework builds trust with stakeholders and improves decision-making.
- Improved performance – A strong governance framework can attract investors and support sustainable growth.
Compliance with regulations – The framework ensures the organization adheres to legal and regulatory requirements.
What are the key components of a governance framework?
A supportive governance framework supports an organisation in the following ways:
- Clear roles and responsibilities – Defining who is accountable for what.
- Defined processes and procedures – Standardizing how things are done.
- Effective communication channels – Ensuring information flows efficiently.
- Regular monitoring and reporting – Tracking performance and identifying areas for improvement.
- Risk management framework – Identifying and mitigating potential threats.
- Internal and external relationships – Assists the organisation to manage their internal and external relationships.
What are the key components of a governance framework?
- Clear roles and responsibilities – Defining who is accountable for what.
- Defined processes and procedures – Standardising how things are done.
- Effective communication channels – Ensuring information flows efficiently.
- Regular monitoring and reporting – Tracking performance and identifying areas for improvement.
- Risk management framework – Identifying and mitigating potential threats.
How do organisations ensure compliance to the governance framework?
To ensure compliance with governance frameworks, organizations should establish clear policies and procedures, train employees on these guidelines, regularly monitor compliance, and continuously improve their framework by conducting audits and seeking feedback. They should also ensure that their boards of directors are independent and diverse, and that risk management practices are robust