Governance is one of the most important topics in government, private and non-for-profit sectors. Corporate governance is a framework that determines the rights and responsibilities among the various stakeholders in the organization. Governance seeks to enhance the performance of the management, promote internal control, identify the roles and responsibilities of stakeholders. The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management that can deliver the long-term success of the organization.
The governance model or framework ensures creating value through a systematic approach by identifying stakeholders, understanding their interests and defining their roles and authorities. The governance framework typically ensures alignment to the organization strategy through appropriate assignment and delegation of authorities, periodic performance reviews, clear reporting lines and escalation process. This governance model is usually an abstract level which is detailed in methodologies and guidelines to ensure consistent and repeatable approach.
We at Bakkah have the necessary expertise to support you in governing your organization work including defining governance model, deploying methodologies and standards, in addition to successful organization change management that adds value to your organization.
Organizational Assessment (EFQM): with the purpose to improve the performance of organizations, EFQM offers data-driven, analysis-based tools to give organizations meaningful insights and stakeholder support, empowering them in their journey towards transformation. EFQM model is non-prescriptive business excellence framework for organizational management with the aim to help organizations to become more efficient and productive.
Corporate Governance: the corporate governance aims to establish a management structure and a mechanism within organizations to improve transparency and accountability within existing systems and to create relations between board of directors, the management, staff and shareholders to serve the best interests of shareholders, taking into account the interests of all stakeholders.
Departmental Governance: each department in an organization interacts with many stakeholders inside and outside the organization. This interaction needs to be defined and governed properly. Departmental governance includes defining governance model, deploying methodologies and standards, in addition to change management.
Board of Directors Services: This service include setting up the board of directors governance in alignment with related laws and regulations. In addition to formulating required polices and guidelines for board and sub-committees membership including audit, nominations and rewards committees. The requirements for executives, non-executives and independent members. It also include the developing compensations and benefits for board and sub-committees members based on best practices.
Operating Models: operating models or business operating models (BOM) can be defined as the tool used for determining the style followed by the enterprise in creating or achieving a goal. Operating model can be referred to as a map of a building in the sense that they both illustrate in details the form as well as the characteristics of the building or the organization. Operating models contain different elements such as processes, services, information, organization and resources.
Business Continuity and Risk: business continuity planning (BCP) is the process involved in creating a system of prevention and recovery from potential risks. Business continuity management and risk management are interconnected and business continuity management is a sub-model of the enterprise risk management.
The key benefits of organizational governance are:
- Ensures focus and alignment with the organization strategy.
- Improve and support decision making in the organization.
- Clarify roles and responsibilities and accountability within the organization.
- Ensures periodic performance review to enable evaluation and improvements.
- Improve change management capabilities in the organization.
- Optimize the use of resources, funds allocation and stakeholders engagement.
- Improving shareholder relationships through effective communication and conflict management.
- Managing ownership and leadership transitions.
- Performing better in commercial terms.
- Good governance mechanisms help in alleviating problems and in sustaining growth and overcoming short life cycles.
- Good governance assists in creating a more sustainable organization by delineating methods for generational transitions and succession planning.
To learn more about the service, read:
- Family Corporate Governance
- Business Operating Model (BOM)