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
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.