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Corporate Accountability in a World of Flux
Author: Nicholas Goh C S  | Posted: 22-07-2007 | Comments: 0 | Views: 28 | Rating: (52)  (?) 
 The definition of good corporate governance is: promoting fairness, transparency and accountability not only within the company’s internal organization hierarchy but also in her dealings with clients and business associates. This contributes to financial performance by establishing a secure framework in which managers can deliver competitive returns on investments.
Good corporate governance is important, wherein clients at ministerial level comprise a significant portion of business operations. With globalization reconfiguring national boundaries and ushering into countries increasingly cosmopolitan denizens, ministries are hard-pressed to disseminate relevant, up-to-date information and provide holistic suites of services catering to the needs of a changing demographic. The demand for multi-lingual communications solutions providers is on the rise, and organizations with excellent track records and proven expertise in translation and localization services, are adroitly poised to reap the benefits of this boom in demand.
To meet the stringent standards of ministries, organizations must ensure impeccable track records and impeachable business practices. Corporate governance guidelines must be laid out clearly to assist in the implementation and adoption of business practices that best serve the interests of the Company. For example in my company - Verztec’s case, this takes the form of holding monthly briefings in which Project Managers have to prepare synopses of the respective projects that they are handling. Results should be reported with accuracy and transparency and supported by concrete statistics and data.
Members of staff thus feel greater responsibility for the running of the Company’s day-to-day operations and can appropriately inform senior management of the status of such operations. This simple yet effective gesture can ensure that staff is kept up-to-date about one another’s tasks while leaders can also take the opportunity to ascertain compliance with all laws, rules and regulations that govern the company.
Such measures are also augmented with an effective modus operandi. Organization structure is divided into three main segments— Managerial, Executive and Financial affairs. Having clearly segmented business units minimizes duplication and overlapping of responsibilities as well as sets unambiguous strategic objectives for staff to follow.
Staff in Managerial positions coordinate and chart our company’s business plans while exercising acumen in reviewing and approving fundamental financial and corporate actions. Staff at Executive level provides vital linguistic expertise, ensuring accurate and fluent deliverables of top-class quality. The Financial Affairs team oversees remuneration matters, ensuring prompt and apt inflow and outflow of capital.
These departments, in order to perform their stipulated duties adeptly, need to be provided with information relevant to their various disciplines. Verztec, in line with fostering an open environment of trust and accountability, avails to her employees, regular reports pertaining to the operational and financial performance of the organization. In addition, project managers receive analysts’ reports on the company and other players in the multilingual communications field on a quarterly basis. Such reports enable managers to keep abreast of key issues and developments in the industry, as well as challenges and opportunities for the organization.
In keeping with the twin principles of honesty and integrity in the workplace, Verztec also conducts regular workshops with senior management staff to strategize and plan the organization’s mid-term direction. Training and development programmes include talks and presentations by renowned experts and professionals in various fields, such as interpersonal relations, technology, regulatory matters and the economy/business environment in relevant markets. Members of staff can thus be constantly updated on novel trends and regulatory systems in the market while acquiring the experience, knowledge and skills critical to the organization’s operations, which will enable them to make sound and well-considered decisions.
As part of Verztec’s code of personal and business conduct and ethics, we have also implemented a “whistle blowing policy” that prohibits employees from retaliating or taking any adverse action against anyone for raising or helping to resolve an integrity concern. This protects the interests of the company while allowing employees the security to speak up against unethical or illegal business practices. This can also assist directors in assessing other competencies that employees possess such as good judgment, sound business experience, and a demonstrated commitment to representing the long-term interests of the organization.
In managing the day-to-day operations of Verztec, it has become clear that an organization can only move forward in today’s increasingly fragmented and complex regulatory global economy by upholding the highest legal and ethical conduct. In a connected community, organizations have responsibilities to fulfill, both to a sophisticated and knowledgeable clientele, as well as a dedicated and independent workforce.
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Article Source: http://www.articlesbase.com/organizational-articles/corporate-accountability-in-a-world-of-flux-185945.html
About the Author:Nicholas Goh C S is Managing Director of Verztec Consulting Pte Ltd, a Singapore headquartered company specialising in a range of Multilingual Communication services which includes Translation, On-Site Interpretation, Multilingual Voice-overs and Desktop Publishing, Software and Web Localization as well as Hosting Services.
For more information, please view http://www.verztec.com.
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