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
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.