Benefits Of A Strong Governance Culture For Your Business

Published on: 18 December 2018 Last Updated on: 19 July 2019

Governance focuses on a company’s performance and accountability. It is one of the pillars of GRC. What is GRC? It stands for governance, risk management, and compliance. Since there are many things that companies have to comply with at any given time, some have opted for a GRC software that integrates all its aspects. The benefits of having an accountability culture are diverse. Here are just a few of them

Promotes Stakeholders Confidence:

Investors, shareholders, employees, and customers rely on the company to maintain certain standards only through such a culture can companies maintain the confidence of all stakeholders. Partners can rest assured that everything goes through set out processes. Nobody is cutting corners. Issues of fraud, corruption, and pilferage never arise.

It Ensures a Culture of Compliance:

Firms must comply with many state and federal regulations. Sometimes they also have to comply with international statutes and codes. A company that has a definite way of operating cannot worry about issues relating to procedure.

Employees know what to do at all times. They also know how to do it. The outcome is a standardized service that everyone can count on.

Anyone messing around with the set way of life is directly liable of his or her actions. An employee in a company that does not have the standard way of operating can claim ignorance. The staff cannot do that when there is deliberate effort to train them on how to do things.

Minimizes Risks Thereby Improving Profitability:

Issues of corruption and malpractice often lead to unmitigated disasters. Corruption scandals among company officials can tarnish the name of the company. Companies globally respond negatively to lousy leadership. On the other hand, companies rely on responsible leadership to grow. A company can minimize risks associated with noncompliance and corruption.

Promotes Meritocracy and Fairness:

A company ought to have certain standards that permeate throughout its ranks. That is what GRC is all about. If it is suppliers, they should meet a certain criterion before they can supply. To work for the organization, one must have certain minimum standards. In such an

You either merit being part of the company or not. This practice promotes fairness and justice within the firm. An employee knows what to do to get a promotion. This process advances healthy relationships between managers and other stakeholders.

Enhances Social Outlook of a Company:

Society plays a significant role in the affairs of any company. Customers come from the community, so are suppliers and authorities. Stakeholders expect a company to have a clear moral code. Customers want a company that they can trust.

They don’t want a company that can decide to use substandard or unethically sourced raw materials. Society expects the company to stay away from public ills such as smuggling. Companies that meet such expectations have an excellent social reception and outlook.

It Gives a Company a Competitive Edge:

Ethical companies want to engage with their counterparts. If a company commits to GRC standards, it can find suppliers, customers, and partners who have similar aspirations.

Conclusion:

Standards start from the top. When the corporate board adheres to GRC, the whole company becomes part of the plan.

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Why Military Status Verification Is Important For Businesses

In today's society, many businesses are seeking ways to ensure that their employees and customers are who they claim to be. One critical aspect of identity verification is verifying military status. Military verification is an essential tool for businesses that want to ensure that their employees and customers are truthful about their military service. It is especially important for companies that work closely with the government or industries that require a security clearance. Military verification services provide businesses with the necessary tools to confirm an individual's military status. These services offer a range of options to verify military service, from a simple database check to more complex verification methods, such as contacting military authorities. While it may seem like a straightforward task to verify military status, there are many complexities and challenges that businesses may face. This article will explore why military status verification is crucial for businesses, the different methods of verifying military status, the challenges businesses may face, and the benefits of using a third-party verification service. By the end of this article, businesses will have a clear understanding of the importance of military verification and the steps they can take to ensure their employees and customers are truthful about their military service. The Importance of Verifying Military Status Verifying military status is essential for businesses for several reasons. Firstly, it is often a legal requirement for companies to verify an employee's military status. For instance, the Uniformed Services Employment and Reemployment Rights Act (USERRA) requires employers to reemploy servicemembers who have been absent from work due to military service. To fulfill this legal obligation, employers must verify the employee's military status before reemploying them. Secondly, verifying military status helps businesses ensure that they are complying with other legal requirements, such as those related to security clearances or government contracts. These industries have specific rules and regulations that require businesses to verify an individual's military status before granting access to sensitive information or facilities. Thirdly, verifying military status can help businesses make informed decisions when hiring, promoting, or awarding contracts. Knowing an individual's military status can provide valuable insight into their skills, training, and character. Military experience is often associated with qualities such as discipline, leadership, and teamwork, making veterans and active-duty servicemembers desirable candidates for many industries. Lastly, failing to verify military status can have significant consequences for businesses. For instance, if an employee falsely claims to be a veteran or active-duty servicemember, it can damage the business's reputation and lead to legal consequences. Additionally, companies that fail to comply with legal requirements related to military status verification may face financial penalties, lawsuits, or the loss of government contracts. Overall, the importance of verifying military status cannot be overstated. By ensuring that their employees and customers are truthful about their military service, businesses can comply with legal requirements, make informed decisions, and avoid potential legal and financial consequences. How to Verify Military Status? There are several different methods that businesses can use to verify military status. The following are some of the most common methods: DD Form 214: This is the official document issued by the military to indicate a servicemember's discharge status. Businesses can request a copy of the DD Form 214 from the employee or the National Personnel Records Center (NPRC). Pros: DD Form 214 is an official document issued by the military that provides a comprehensive summary of the servicemember's military service, making it a reliable source of information. Cons: Obtaining a copy of the DD Form 214 can be time-consuming, and it may not be possible to obtain one for certain individuals, such as those who are still on active duty. Military Service Records: These records are maintained by the NPRC and provide detailed information about a servicemember's military service. Pros: Military Service Records are a reliable and comprehensive source of information about a servicemember's military service. Cons: Access to Military Service Records is limited, and it can take several weeks or months to obtain them. Additionally, the records may not be available for certain individuals, such as those who served before the 20th century. Defense Manpower Data Center (DMDC): The DMDC maintains a database that businesses can use to verify a servicemember's military status. Pros: The DMDC database is a quick and easy way to verify military status. Cons: The DMDC database may not be up to date or accurate, and it may not be possible to verify the military status of certain individuals, such as those who served in the National Guard or Reserves. Best practices for verifying military status include: Verifying military status with multiple sources to ensure accuracy and completeness. Keeping records of the verification process and the sources used. Ensuring that personal information is handled securely and in compliance with applicable laws and regulations. Providing clear communication to the employee or customer about why their military status is being verified and how the information will be used. In summary, there are several different methods that businesses can use to verify military status, each with its pros and cons. Best practices include verifying the military status with multiple sources, keeping records of the verification process, and handling personal information securely. The Challenges of Military Status Verification Verifying military status can be challenging for businesses due to several factors, including: Complex Military Records: Military records can be complex and difficult to interpret, particularly for those unfamiliar with military terminology and abbreviations. The information contained in military records may also be incomplete or inaccurate, further complicating the verification process. Limited Access to Records: Access to military records is often limited to authorized personnel, making it challenging for businesses to obtain the necessary information. Additionally, the time and resources required to obtain records can be significant, further complicating the verification process. False Claims: Some individuals may falsely claim military status, making it challenging for businesses to verify the accuracy of the information provided. False claims may be intentional or unintentional, such as confusion about discharge status or military branch affiliation. Privacy Concerns: Military service records contain personal information, including Social Security numbers and dates of birth. Businesses must handle this information securely and in compliance with applicable laws and regulations, further adding to the complexity of the verification process. Changing Military Status: Military status can change over time, making it challenging for businesses to keep up with the current status of their employees or customers. For instance, an employee who was previously on active duty may have transitioned to the National Guard or Reserve, requiring a different verification process. To overcome these challenges, businesses can use third-party verification services that specialize in military status verification. These services have the expertise and resources necessary to navigate the complexities of military records and can help businesses ensure that their verification processes are accurate and compliant with applicable laws and regulations. Additionally, businesses can implement best practices, such as verifying the military status with multiple sources and keeping records of the verification process, to help overcome these challenges. Conclusion In conclusion, verifying military status is an important step for businesses that employ or serve military personnel. It ensures that businesses are compliant with laws and regulations related to military personnel and provides benefits such as tax credits and preferential treatment for government contracts. While there are challenges associated with verifying military status, including complex military records, limited access to records, false claims, privacy concerns, and changing military status, businesses can overcome these challenges by using third-party verification services and implementing best practices. By doing so, businesses can ensure that their verification processes are accurate, efficient, and compliant with applicable laws and regulations. Read Also: Negotiate Your Salary Wisely With These Seven Employment Law Tips 7 Best Employment Law Tips For Businesses In Dubai Most Common Merchant Account Issues Explained

4 Ideas to Bring Your Team Closer Together

A University of Phoenix survey found that 70% of respondents cited being part of a dysfunctional team, and with Gallup reporting that poorly-managed work groups are 50% less productive on average, it’s easy to understand just how important a strong team is in the workplace. Bring your team closer together. Bringing your team closer together should be among your top goals for a successful business, utilizing these ideas can help achieve that. Multiple Ways You Can Bring Your Team Closer Together There are various ways you can bring your team closer together. For that, you have to make your choices in the right direction to achieve your goals in the correct manner. Host Friendly Competitions: A great way to build team spirit is to get everyone involved in a competition. A sporting event or another type of physical activity, like an office softball game, bowling, or even hosting a silly spoof on the Olympics, with an Olympic-style Games day that includes events like a spoon and egg races, are just a few different options. Everyone will be working as a team while having fun at the same time, helping to encourage stronger bonds and improve communication. Team Dinners: Aim to occasionally get the team together for an after-work dinner so that staff members can get to know everyone on a more personal level, enjoying conversations that aren’t necessarily work-related. If coming home late is not something your employees can or want to do, you might consider weekly team lunches as they can help foster better relationships and a stronger team too. Play Games: Playing office games occasionally can help employees become more engaged, encouraging staff to think about work as something more than just a steady paycheck and benefits. They can also prevent boredom and provide opportunities for getting the entire team closer. Truths and lies is a good one as a fun and easy way for staff to get to know each other better. Invite workers to sit in a circle facing the center, and then ask them to take a few minutes to come up with two truths and one lie about themselves. Everyone else can try and figure out which is which. Just about everyone enjoys playing Name that Tune. It’s just what it sounds like: simply play about a 5-second slice of a random song. The first person to guess it right wins. Ring the Bell of Success: Recognized employees are happy employees which makes for a stronger team. Everyone will get excited when they hear the ring of the “Bell of Success,” encouraging staff to root for one another. All you need to do is add a bell to your workplace, and when someone achieves a goal such as getting a new client or making a sale, they get to ring the bell while everyone cheers. Read Also: 5 Informal Team Building Activities To Break The Ice Among Co-Workers Top 4 Creative Team Building Ideas For A Call Center Industry This 2016

A Digital Asset Management Solution Overview

More businesses these days operate exclusively or mainly in the digital world. The digital frontier is the internet and the various software suites that companies use to access it. They might utilize cloud computing for the enhanced security that it offers. This also means that more companies have extensive and highly valuable digital assets. These businesses must frequently come up with safe yet innovative ways to manage them. We’ll talk about some digital asset management solution basics in the following article. In this article, we are going to speak with leading professionals from SPW Enterprises. They offer IT asset relocation in Malaysia to both big and small firms. They will help us shed some light on what are Digital Assets and why they need to be taken seriously in 2022. What Exactly Are Digital Assets? Before we get into the exact purpose of DAM, or digital asset management, you should understand what we mean when we use this particular term, “digital assets.” That’s kind of a catchall phrase that can include all sorts of things, but let’s run through what a company might mean when they use it. The most basic way to define the term is to say that digital assets are assets that come in a digital format. Digital simply means the asset in question appears in cyberspace. You cannot physically hold it in your hand. When a company uses the term “digital asset,” they also probably mean they have exclusive rights to it, and it is their sole prevenance. They would not use the word “asset” if that weren’t the case. Other companies or individuals cannot legally use it without permission or without paying a licensing fee. Digital assets might include slide decks, images, spreadsheets, files containing text, videos, photos, and so forth. Companies might have a tremendous amount of digital assets that are their intellectual property, or they might only have a few of them. That depends on how big the company is and what exactly it does. How Can You Manage Digital Assets? Now, let’s get into the digital asset management concept a little bit more. The reason the average company needs to produce digital assets is to help a customer. They must create the images, photos, text, etc., to help a customer or client through each buying journey phase. The “buying journey” is the route through which a company leads a client until they produce the finished product that the client wants. If the client wants to get to that end-stage where they’re happy with the deliverable, they must be part of this process through each development phase. It stands to reason that the digital assets a company creates for a client will include trade secrets of all kinds. The digital assets might feature new tech that the R and D department has produced. It could consist of images, crucial development data, lab test results, and more. If a company does not bother to get a digital asset management solution to handle all of that, they risk a data leak. Security is definitely one of the main reasons why businesses implement DAM systems. Convenience is another since a DAM system often adds structure and clarity when the client wants a project status update. What Specifically Can a DAM System Do? Different digital asset management systems have various functionalities. However, you can count on them to do a few basic things, regardless of the industry or project details. They can keep all the assets in a centralized location so both the developing company and the client can review them easily. They can look for a file based on its name, the copyright information, associated keywords, technical specifications, and its origin. If you’re one of these companies that are doing project development for clients, you’ll probably want a DAM system that allows you to find files quickly using advanced filters. If you’re in a vital project status meeting with a customer, they will expect no less. You’ll also want your DAM solution to ensure marketing and brand compliance. You might be in a field or you may represent clients who are in an area that has governing bodies which demand strict protocol adherence. You must comply with all licensing agreements because if you don’t, these governing bodies can levy heavy fines against you. You also want a DAM solution that speeds up the project’s time to market, assuming it’s a physical product the company that hired you is going to offer the public. The right digital asset management solution is one that helps you speed through the development process, so your client’s competitors don’t leave them in the dust. In short, companies that don’t utilize digital asset management solutions often find it hard to compete with ones that do. Read Also: A Guide to Choosing an Enterprise Document Management Solution How Can Master Data Management Help Your Business?

Benefits Of A Strong Governance Culture For Your Business

Promotes Stakeholders Confidence:

It Ensures a Culture of Compliance:

Minimizes Risks Thereby Improving Profitability:

Promotes Meritocracy and Fairness:

Enhances Social Outlook of a Company:

It Gives a Company a Competitive Edge:

Conclusion:

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Why Military Status Verification Is Important For Businesses

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Benefits Of A Strong Governance Culture For Your Business

Promotes Stakeholders Confidence:

It Ensures a Culture of Compliance:

Minimizes Risks Thereby Improving Profitability:

Promotes Meritocracy and Fairness:

Enhances Social Outlook of a Company:

It Gives a Company a Competitive Edge:

Conclusion:

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5 Things Most People Don’t Consider When Starting Their First Business

The Meditation Business is Recession-Proof and It’s Worth a Try

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Follow Us

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