Miami University’s Centre for Business Excellence has found: “All reputable frameworks for enterprise risk management that we have encountered (COSO 2004, in particular) emphasize that enterprise risk management is destined to fail without dedicated ownership by senior management and proper oversight by the BOD. Indeed, many place strategic, operational, reporting, and compliance risks as the responsibility of one or more BOD committees.” By inference, to be successful even the best Governance frameworks require a single coordinated and integrated approach. Combining linking of objectives, obligation, directives, and initiatives, with enterprise risk management, proactive KPI reporting, and management of Board processes and decisions, FastTrack.net provides such an approach.
By focusing the true aims of the systems, this avoids the ‘spinning wheels’ syndrome common in large enterprises where there is a lot of activities without any perceivable performance gains. By quantifying the benefits on Compliance Management in terms of Corporate Objectives and Responsibilities provides justification for allocation of greater resources to the task.
- Obligations and Legal Requirements Register
- Strategic Planning with Goal & Milestone monitor
- Initiative with workflow and responsibilities
- KPIs and Balanced Scorecard
- Innovation with Improvements and Research Projects
- Management Dashboards by Dept.
- Responsibilities by Position not Person
- Email Reminders & Escalation of Outstanding Issues
Management has other Obligations to fulfil other than operational performance. Non-operational Good Governance goals such as Social Responsibility, Equal Opportunity, and Staff Morale can be set, tracked and reported same as operational issues.
Managing Non-operational Obligations moves them from ‘lip service’ to commitment, producing the well documented benefits in corporate image, staff retention, and pride in product.
Governance Business Planning
Fast Track manages the Business Planning processes at both a Strategic and Operational level. Document conferencing and networking, support documentation, version control and plan consolidation produce a comprehensive framework for corporate planning.
Ease of controlled change and cross referencing creates a more responsive and flexible approach to planning and allows for more adaptive corporate management. Also streamlining the planning reduces the administrative workload on senior executives.
The Initiatives function is a Task Management system that monitors Business Plan goals using electronic Workflows of milestone. Initiatives are linked to specific Business Plan goals and objectives. Fast Track provides Email notification and escalation of tasks to ensure the ultimate fulfilment of Initiatives.
By tracking the implementation of Initiatives, there is greater possibility of ultimately meeting your business goals and objectives. Escalation of outstanding tasks means Executives eliminate the need to micro manage allowing them to focus on more strategic issues.
Governance Balanced Scorecard
The Balanced Scorecard function allows for companywide Key Performance Indicator (KPI) monitoring and reporting. KPIs are grouped by category with min/max targets and scheduling of recording with immediate notification when outside the limits.
The pro-active notification of poor KPIs allows for immediate correction of causes reducing the effect otherwise resulting from waiting for normal reporting cycles.
Governance Management Meetings
From scheduling, forming and distribution of Agendas and Submissions, to recording Minutes and Action Items, the Management Meeting module is a one stop shop for controlling Board Meeting to Project Meetings.
Fast Track ensures the efficient and productive use of Senior Management’s time. Also the automatic follow-up and escalation of Action Items turns meetings into productive tools that deliver results.
Innovation Management provides tools for actioning Opportunities for Improvement (OFI), managing Research Projects & Benchmarking, promoting internal Innovation Forums, and feedback reporting on success. Electronic workflows, conferencing and collaboration of information, and the in-build cross referencing to existing data provide an effective framework for driving innovation within an enterprise.
Implementing Compliance Management Systems in some Australian leading companies and organisations, we have identified a comprehensive methodology for the adoption of successful Innovation Management in Businesses.