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Atlantic Global Compliance
Although it may seem impossible to understand or comply to all the new rules and regulations what should be reasonable to expect is better understanding of your business. Spotting the warning signs and acting responsibly are key areas of the board's job and to do this they need the right information in real time about their business.
Having the right software modeled on the basic business structure can be the key to your businesses information empowering you with the ability to make decisions that are not only in line with guidelines but also profitable.
It is true that no one tool can cope completely with all areas of Corporate Governance and it is unlikely that any system will ever claim to do this but selecting a base set of tools to cover the main areas of concern can make the difference between compliance and complete failure. One area of concern are the basic fundamentals of a business and how they interact in a manner that is useful for understanding your business.
Corporate Governance is about understanding all the standards regulations and rules that affect your business then implementing strategies for compliance. So what are the key basics of any business, how in such a complicated environment with complex systems, interactions and fast changing variable can I model my business.
The basics include:
- Time
- Finance
- Resources
- Information
- Skills
Taking these basic entities modeling them within your business then tracking them in real time can produce startling insights into your business operations. This gives the ability to spot warning and forecast future outcomes far quicker than was previously possible.
Looking over the various standards you can start to see many areas which need reporting on where constant monitoring of the business will ensure effective compliance, successful audits and a high rating. Simple examples include, knowing how much time your employees spend on a project, or even how many hours they work each week. Seeing how budgets are allocated if milestones are met and what resources were needed to accomplish milestones or projects. The information is there within every business but understanding it in relation to each basic fundamental area is the key difference between historic data and real time information.
As mentioned previously there are many other aspects of your business that need monitoring and controlling, from communication recording such as email storage to complete financial accounting to comply with new financial regulations including Sarbanes-Oxley or the UK Companies Bill.