Student

1. Good Governance on its own cannot make a company successful. Companies need to balance conformance with performance. Discuss these two aspects of enterprise governance.

Successful and growing organizations have a governance structure which goes further than just conformance with regulations but also supports the organization to grow and improve performance effectively. The main idea that needs to be understood about Enterprise governance is that an organization must balance effectively both conformance and performance to ensure long term growth and success. In terms of enterprise governance the attempt is to get the balance right, covering corporate governance i.e. conformance and business Governance i.e. performance in an attempt to show accountability assurance and value creation.
Conformance
The conformance side is viewed as an older view and covers governance issues for example. The roles of the chairman and CEO: They should be committed to the maintenance of high standards. They should aim for their ideas to benefit all stakeholders.
The role of the board of directors: this is extremely important as information should be received and monitored to avoid any problems with law makers should the board not receive/send information between themselves and those working lower down the ladder. Controls assurance is a big part of the conformance side and in regards that no bias is carried out its best to cry out an external audit of the company to assure all areas are in line with current business laws.
Risk management for compliance: This is the process of ensuring each external and internal risk is understood reported and monitored, In order to maintain high governance reports should be carried out. The board of directors should be supported by promoting risk awareness and management at every level
Codes and/ standards will be able to successfully address the conformance with the compliance of the organization being subjected to assurance and or