WITH the spate of corporate scandals that have recently come to light, the world is and paying close attention to the accountability of organisations.
The definition of good corporate governance is promoting fairness, transparency and accountability not only within a company's internal organisational hierarchy but also in its dealings with clients and business associates.
This establishes a secure framework in which managers can deliver competitive returns on investments.
Good corporate governance is especially important where clients at ministerial level comprise a significant portion of the company's business.
With globalisation reconfiguring national boundaries and ushering into countries an increasingly cosmopolitan group of talent, ministries are hard-pressed to disseminate relevant, up-to-date information and provide holistic suites of services catering to the needs of a changing demographic.
The demand for multi-lingual communications solutions providers is on the rise, and organisations with excellent track records and proven expertise in translation and localisation services, are poised to reap the benefits of this boom in demand.
To meet the stringent standards of high-profile clients, organisations must ensure impeccable track records and business practices.
Corporate governance guidelines must be laid out clearly to assist in the implementation and adoption of business practices that best serve the interests of the company.
In some companies, this takes the form of holding monthly briefings in which project managers have to prepare synopses of the respective projects that they are handling. Results should be reported with accuracy and transparency and supported by concrete statistics and data.
Members of staff thus feel greater responsibility for the running of the company's day-to-day operations and can appropriately inform senior management of the status of such operations.
This simple yet effective gesture can ensure that staff members are kept up-to-date about one another's tasks while leaders can also take the opportunity to ascertain compliance with all laws, rules and regulations that govern the company.
Such measures can be augmented with an effective system. A company's organisational structure is divided into three main segments - managerial, executive and financial affairs.
Having clearly segmented business units minimises duplication and overlapping of responsibilities as well as sets unambiguous strategic objectives for staff to follow.
Staff in managerial positions coordinate and chart a company's business plans while exercising acumen in reviewing and approving fundamental financial and corporate actions.
Employees at the executive level should provide expertise and ensure deliverables of top-class quality.
The financial affairs team oversees remuneration matters, ensuring prompt and apt inflow and outflow of capital.
To perform their stipulated duties adeptly, these departments need to be provided with information relevant to their various disciplines.
In line with fostering an open environment of trust and accountability, companies can make available to employees regular reports pertaining to the operational and financial performance of the organisation.
To promote honesty and integrity in the workplace, companies can also conduct regular workshops with senior management staff to plan the organisation's mid-term direction, as well as offer a variety of training and development programmes.
These can include talks and presentations by renowned experts and professionals in various fields, such as interpersonal relations, technology, regulatory matters and the economy/business environment in relevant markets.
Members of staff can thus be constantly updated on novel trends and regulatory systems in the market while acquiring the experience, knowledge and skills critical to the organisation's operations, which will enable them to make sound and well-considered decisions.
As part of an organisation's code of personal and business conduct and ethics, the management can also implement a "whistle-blowing policy" that prohibits employees from retaliating or taking any adverse action against anyone for raising or helping to resolve an integrity issue.
This protects the interests of the company while allowing employees the security to speak up against unethical or illegal business practices.
This can also assist directors in assessing other competencies that employees possess such as good judgment, sound business experience and a demonstrated commitment to representing the long-term interests of the organisation.
It is becoming clear that an organisation can only move forward in today's increasingly fragmented and complex regulatory global economy by upholding the highest legal and ethical standards of conduct.
In a connected community, organisations have responsibilities to fulfil, to a sophisticated and knowledgeable clientele as well as a dedicated and independent workforce.