It refers to the formal process of establishing rules, procedures, guidelines, and conventions that define the roles, responsibilities, behaviors, and decisions made on behalf of all stakeholders in a corporation. The purpose of this process is to achieve a specific level of performance in the organization through coordination and integration of various practices. It is essential for the smooth functioning of a company and to ensure that all stakeholders’ interests are taken into consideration.
The demand for boards to improve risk management in organizations has increased, and our services address this need. We provide various services, including assessing the maturity of governance processes, developing and implementing corporate governance frameworks, and providing development programs for boards and executives. Our approach is based on leading practices and regulatory requirements to tailor solutions to meet the specific needs and priorities of our clients. We also offer business risk mitigation services to further support our clients.Â
We offer customized solutions to help clients with preventing, detecting, remedying or responding to various issues such as fraud, corruption, misconduct, misuse of assets, regulatory compliance, anti-money laundering (AML), among others. Our expertise includes fraud risk management, project reviews, AML compliance, Foreign Corrupt Practices Act (FCPA), General Data Protection Regulation (GDPR), class-action and mass-action investigations, and corporate financial accounting.
Assurance provides several benefits such as accurate financial and management information, shareholder interest protection, better risk management, and improved stakeholder perception. The assurance process includes three phases: risk identification and assessment, internal control procedure assessment, and documentation development with recommendations for improvement. The goal is to develop and implement the right controls to mitigate risks specific to the organization.
We offer technology services, including advisory, training and certification, and business intelligence, to help organizations address opportunities and risks related to technology. We assist with IT governance and compliance with global standards. Additionally, we provide services for business continuity and disaster recovery, including identifying critical functions, developing policies and strategies, and testing and validation.
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Most businesses start as family businesses. However, when families and the business grow, the dynamics typically tend to become more complicated. Members of the extended family grow up with a nuance of expectations on the future of the business. About 95% family businesses do not survive the third generation of ownership because they fail to transform from a Family set up to a Corporate set up. The transformation process is affected by family relationships, values, legal concerns and a host of soft and business issues that make the transformation, most of the time, complicated and cumbersome. At Governance Dynamics, we help family businesses define and navigate a transformation journey that is specifically fit for them as the dynamics of each family is unique.
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