Corporate governance is one of the most talked about topics in business today. A simple Google search results in more than 22,000,000 results. The most used definition for corporate governance is a set of customs, processes, regulations and habits affecting the way a corporation or institution is directed, administered or controlled. Corporate governance also includes the relationships among the stakeholders involved and the goals for which the corporation is governed. Much more interesting is how a company is actually managing its corporate governance.
Governance is often seen as the most difficult component of a comprehensive Governance, Risk and Compliance (GRC) initiative. For many, corporate governance is much less concrete than risk management and compliance. Key to a comprehensive corporate governance initiative are internal control procedures that are implemented to provide reasonable assurance of the corporation achieving its objectives related to reliable financial reporting, operating efficiency, and compliance with laws and regulations. Internal auditors at the enterprise must test the design and implementation of the entity's internal control procedures and the reliability of its financial reporting. To make corporate governance more actionable, BWise has developed a complete Corporate Governance Solution that consists of three important elements.
Document business processes
The first element of comprehensive corporate governance is a Policies and Procedures Management solution that helps companies to document their business processes and internal control procedures including all underlying employees and business policies. With the BWise solution, these internal control policies can be communicated internally to all employees.
Get a grip on control on a corporate level
The second element of the BWise corporate governance solution is the Board and Entity Management solution that enables a company to get a grip on controls at a true enterprise level. BWise assists in the documentation of an enterprise’s legal entities, responsibilities, appointments, corporate share structures, as well as banking, insurance and contractual information across all entities and regions. BWise also provides full soft control testing to continually survey and evaluate the soft controls an organization may have associated with their corporate governance.
Test the internal control design
Internal Audit is the third element of the solution. BWise® Internal Audit helps internal audit departments to manage their audits, working papers and findings. By integrating Internal Audit in the GRC platform, existing documentation from the business can be reused. BWise is a web based solution, all that is needed is a web browser, so communication and sharing information with colleagues is easy. The BWise solution provides rapid follow up by internal auditors of any issues found and does so in a completely secure environment. BWise also enables internal auditors to set up a flexible audit schedule and use templates to streamlines audit work.
All of these components are part of the integrated BWise® GRC platform, ensuring optimal integration and consolidated, centralized dashboard reports. The BWise Corporate Governance Solution will give companies better oversight of their organization and lower costs, enabling optimization of their business processes.