Governance, Risk & Compliance / Corporate Governance
Governance, Risk & Compliance summarizes the three most important levels of action of a company for its successful management:
Governance is corporate management through defined guidelines. This includes the definition of corporate goals, the methodology used to implement them and the planning of the resources required to achieve the goals.
Risk stands for risk management with known and unknown risks through defined risk analyses. An important factor here is the early management of risks, the provision of strategies for risk minimisation and the preparation of loss buffers in the event of risk occurrence.
Compliance is compliance with internal and external standards for the provision and processing of information. This includes, among other things, specifications from standardization efforts and the access regulations for the data as well as the legal framework conditions for their use.
Corporate governance is the legal and factual integration of a company into its social and political ecosystem, which is influenced by social and legal labels. In order to reduce a deviation of the separate interests of the different shakeholders (groups of people who profit from the company’s business, for example), it is the task of the guidelines in the CG to limit risks without changing the corporate objective. In view of the fact that medium-sized companies are increasingly moving away from centralisation, this is becoming increasingly important.
The company-specific corporate governance system consists of:
- the totality of relevant laws
- letters of intent
- corporate mission statement
- corporate governance practices