Sustainable profitable growth and strategic enterprise risk management (ERM) expert Gary W. Patterson, FiscalDoctor® and Robert Barker, who has counseled boards and management teams for over 25 years, propose a simple common sense strategically applied executable plan to add or preserve meaningful value for your middle market or SMB company in their article The Risks of Undervaluing a Focus on Culture published by Corporate Compliance Insights (CCI) — https://www.corporatecomplianceinsights.com/risk-undervaluing-culture/
Here’s how you can use this two-minute test to benefit your organization:
- Do not forget the fundamental basics of how well your culture reflects the mission statement and focus
- Jot down your numerical ranking for each of three statements:
- Finally, make sure this information validates your strategic plan, budget and enterprise risk management framework.
Who should consider applying this process with applications for sustainable profitable growth governance, risk assessments and enterprise risk management (ERM) type issues, inside a value based operational and strategic assessment framework? Family business, private and public business and equity group investors, and including:
- Corporate directors, key committee chairs and board chairs
- Corporate officers and C-suite executives
- Shareholders, stakeholders, regulators and legislators
To help meet financial and strategic goals, it is imperative for management to understand the magnitude of risks in pursuit of business objectives and how the organization’s products and offerings and opportunities can be mapped to these risks. Just as every person needs a medical doctor, every organization needs a FiscalDoctor and periodic fiscal checkups. FiscalDoctor also supports special projects for business growth, risk assessments, value-based enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, strategic planning updates, special board projects or requests and strategic growth diagnostics.
About Corporate Compliance Insights
Corporate Compliance Insights is a professionally designed and managed forum dedicated to online discussion and analysis of corporate compliance, risk assessment, ethics, audit and corporate governance topics. Additionally, Corporate Compliance Insights is a focused knowledge-sharing forum designed to educate and encourage informed interaction within the corporate compliance community – dealing with issues of ethics, audit, compliance, FCPA, governance, risk, and fraud.
Corporate Compliance Insights is owned and published by Sarah Hadden, CEO of CCI Media Group.
About Robert Barker
Barker is an attorney living in Atlanta who has practiced in domestic and international M&A, securities and exchange issues. He has served as in-house counsel and outside counsel to corporations for more than 25 years, including advising boards and management teams. Bob can be reached at +01-678-576-3992 or firstname.lastname@example.org.
About Gary W. Patterson
Patterson, a Big 4 CPA / Stanford MBA, speaks regularly on business growth, accountability, facilitation, governance, risk management, achieving corporate financial goals, and building long-term wealth. His book Million Dollar Blind Spots: 20/20 Vision for Financial Growth provides cutting edge follow-up for blind spots: how to identify them, exploit opportunities and mitigate risks. Visit his website at http://www.fiscaldoctor.com and “free” fiscal fitness test at http://www.fiscaldoctor.com/fiscal-quiz/ , or call 678-319-4739.