• Explain The Role Of Governance Within A Business
Governance within a business or organisation is the regulations, processes, policies, responsibilities, and procedures which are in place within an in order to control and overview the company, programmes, portfolios, control of projects, and management.
Governance within an organisation is essential as this ensures that required internal controls are in place whilst also reassuring internal and external stakeholders that money within the organisation is being spent correctly and is justified. This is particularly vital when undertaking a project. Essentially, project governance ensures that the project is being undertaken correctly by ensuring that there are review procedures in place. Overseen by the Financial Conduct Authority (FRC), companies will also have to comply with the UK Corporate Governance Code, which is part of United Kingdom Company Law. However, this is aimed at larger companies which are listed on the London Stock Exchange.
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In a smaller company (such as Gentil Sayre Limited, which I work for), centrally driven governance is not in place and therefore it is the project manager and project team which take responsibility for governance themselves. It is the project manager whom is responsible for ensuring that correct and efficient policies are in place. Project assurance tasks should also be carried out, preferably by someone external to the project team. Project assurance tasks entail periodically carrying out checks or reviews that project governance policies are being followed and applied within the
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