Understanding The Concept Of Governance

Understandably, when you see that word, you might be thinking in terms of the government. Indeed, you would have been quite right. The government of the day – it can be local (as in your town council, your county administration), or it could be state-wide. If you had been to the polls, you will, today, have a say in how the government of the day runs your municipal affairs. It is now no longer enough to say that just because you paid your taxes, you have every right to say and do what you wish.

In a functioning democracy, the preferred system of government, it needs to go further than just paying your dues. It is like wishful thinking or hoping for the best when you do that. But when you show up on election day and mark the cross, based on your informed decision, you are involved. But in the way in which you run your everyday affairs – as in your business or work from home workshop even – you should be involved. And the larger the business, the bigger the responsibility. In this industrial case, governance risk and compliance is not only your personal or corporate responsibility, it’s now also mandated.

governance risk and compliance

And that is how your vote comes into effect. It’s crucial. As they always say, every vote counts. And prospective legislators have made their own governance proposals on your behalf. You see how it works. This is not something that they conjured out of a bag of magic tricks. It has been long in the making. It is based on the input you would have already given as an industrialist or corporate stakeholder. You have had your say. Now, as a responsible business owner, it is over to you to keep your end of the governance and compliance responsibility.