Sustainable Value Generating for Entrepreneurs and Companies via Good Corporate Governance, or the Manager’s smart Response to the “Decrease in Bite Inhibition”
Like any other business, also the retail business has to cope with issues of globalization and increasing legal requirements. Not only the local laws and regulations need to be taken into account but also rules from other countries. The fast changing regulatory environment and growing liability issues combined with the “decrease in bite inhibition” – meaning the increasing tendency of companies in Germany to sue their own managers for damages in connection with violations of compliance – are part of the daily challenges for managers. In addition, compliance covers a broad field of topics including but not limited to anti-corruption, competition law, data security, tax compliance and corporate compliance. To keep up with all these rules and regulations and ensure compliance entailing the necessary expert knowledge makes managers sometimes feel like Sisyphus… And not only personal non-compliance but also failures within their organizations can expose them to personal liability. Thus, without a holistic Compliance Management System not only comprising of processes and rules for legal compliance but also putting people, their values and behaviors at the center the situation bears incalculable risks for the top management as well as its company and employees.
Thus, what could managers do to sustainably achieve their business goals but at the same time ensure the balance between business and compliant and ethical behavior in an ever-changing world? The answer: make the smart decision for integrated Governance, Risk Management and Compliance – iGRC. Why? It is our strong believe that Governance, Risk Management and Compliance should not be confined to silos. They need to be looked at as a whole, work together and complement each other. This holistic approach allows achieving strategic and business objectives sustainably while acknowledging and dealing with unpredictability and acting with compliance and integrity.
TARGETED CORPORATE MANAGEMENT VIA INTEGRATION OF GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE
HOLISTIC CORPORATE GOVERNANCE BY COORDINATNG STRATEGY, PROCESSES, PEOPLE AND TECHNOLOGIES
ONE CONTROL TOOL FOR THE COMPANY, ITS MANAGEMENT AND CORPORATE BODIES
SUPPORTING THE IMPLEMENTATION OF COMPLIANT AND ETHICAL BEHAVIOR