Companies that perpetuate the status quo can lose trust from employees and customers. Therefore, a culture of continuous growth and improvement is an important quality of a thriving organization, and that starts with a strong board. Helen Speek describes three board governance practices that can help foster an entity’s long-term success.
When it comes to governance, there are many misconceptions. Consider the myth-or-fact statements below. Fact. Governance practices – such as written policies, a trained and informed board of directors, and strong internal controls – are important for protecting the business and its owners. Myth. Although not a requirement for privately held companies, a knowledgeable and [...]
Risk management plays an important operational role in companies of all sizes. Watch as Doug Mims explains how organizations can conduct risk assessments to help them achieve business objectives.
Publicly traded companies abide by stringent governance practices. This compliance is, in part, due to regulations such as the Sarbanes-Oxley Act of 2002 (SOX). While SOX’s reach does not extend directly to privately held companies, many small and closely held companies have adopted some of its provisions nonetheless. Sometimes referred to as “SOX lite,” these [...]
In today's highly competitive business environment, companies that utilize an advisory board and/or board of directors may find themselves holding a trump card. Why? Because boards provide guidance and perspective that help companies thrive. There are two types of boards that businesses utilize: an advisory board and a board of directors. The primary [...]
Organizations typically treat board recruitment differently than hiring employees. Because board candidates usually feel honored to serve, hiring quality board members can be informal and more sales-oriented than a typical recruitment process. If organizations and board candidates mirror the traditional job search and hiring process, then both parties will find successful placements. 4 Steps to [...]
If you are looking to add aces up your company’s sleeve, then a board of directors or advisory board might just be a winning answer. But what are the differences between each of them? What are their pros and cons? Board of Directors: Bylaws, Liabilities, and Authority A board of directors is generally a group [...]
Cloud-based data storage may seem like an easy way for a company to store its information, but if that company is involved in litigation, then cloud-based data storage could have an adverse effect during the pretrial discovery phase. It’s Hard to Control a Cloud Instead of using its own access-restrictive network for storage, a company [...]
Enron. WorldCom. TYCO. These companies forever changed the accounting landscape. As a result of the related scandals, many employees and investors lost a significant share of their accumulated wealth. Soon thereafter, the Sarbanes - Oxley Act was born. SOX, as the Act is commonly known, originated to help protect investors by increasing auditor independence, enhancing [...]
In general, most of us agree that a back-up plan is worthwhile. It’s universally accepted as fact that most entrepreneurs are comfortable taking risks. But many business owners focus more on the ultimate risk of failure on a macro-level rather than the smaller—but no less devastating—everyday risks. Those typically include property damage, public relation issues, [...]
Many companies have excellent security defenses against external malicious attacks. However, statistics show that about 75-80% of all malicious activities come from within an organization, and not external to the organization. So the question becomes, how well does a company defend itself internally? At least part of the answer is penetration testing and vulnerability testing. One [...]
The evaluation of risk isn’t what it used to be. It’s much more challenging and requires evaluating both external and internal forces, which has led to the term enterprise risk management (ERM). ERM is an official term for the need to evaluate anything that might impact your business from a risk perspective and then proactively [...]