How do we stop making costly mistakes?
How do we stop making costly mistakes that absorb executive time and costs?
It's a great question.
Our answer is that GREAT governance & compliance can build a system to protect you against costly mistakes. That won't say that these mistakes won't happen, but it does mean that they are less likely to have the impact that would have otherwise occurred.
Since our inception, ETHIC Intelligence has been at the forefront of reviewing, validating, assuring and certifying governance & compliance systems. We help make them stronger, more valuable and more robust. Our focus is to drive performance but also reduce risk. We don't want to see you with massive issues and costs blowouts following an issue. We want to see an issue identified, resolved and managed before anyone even notices.
The Top 5 reasons why mistakes can lead to massive costs?
- You didn't see it coming. The issue wasn't even on your radar. That points to a poor risk assessment and a poor appreciation of impact.
- You never built the right controls to manage the risk and the issue slipped through the net.
- You saw it coming and had the controls but operationally weren't quick or nimble enough to capture the snowball at the top of the mountain
- You wasted time looking to blame and not fix the issue and remediate.
- You did everything you could, but a partner or supplier had the issue and it dragged you down as well.
Improving your governance and compliance programs not only contributes to your ESG ratings but it avoids costly mistakes.
We believe that if done properly, the 'G' in 'ESG' is a huge value driver to a business and our job is to help companies know whether it is, in fact, done properly. The key is to know what to focus on and sometimes that requires an external and independent assessment.
We focus on helping you avoid costly mistakes by making sure that your governance and compliance programs and/or systems cover the following, at a minimum:
- they truly identify risk correctly
- they focus on the things that matter and have the most impact
- they think about managing risk as well as leveraging it
- they consider ownership, accountability and leverage all users skillsets and expertise
- they operate with extraordinary success with 'six sigma' style measurements
- they are understood throughout the company and its ecosystem
- they have clear controls, well tested and measured
- they are improved and adjusted regularly for maximum value
- they observe, listen and accept feedback and complaints
- when things go wrong there is a fast and known process for triage and investigations that focus on resolution and improvement.
Great governance & compliance is a fantastic driver of business growth. Done wrong, it can be a massive drain of executive time and financial resources, not to mention the reputational hit and market affect.ETHIC Intelligence is the business to engage to leverage our skills and experience not to have the next mistake cost you millions.