What are the Challenges in Implementing Strong Governance?
While implementing strong governance is essential, it comes with challenges such as:
1. Resistance to Change Employees and even some leaders may resist new governance practices, especially if they disrupt established routines. Effective change management strategies are essential to overcome this resistance.
2. Balancing Transparency and Confidentiality Maintaining transparency while protecting sensitive information can be challenging. It's crucial to establish clear guidelines on what information can be shared and what should remain confidential.
3. Ensuring Continuous Improvement Governance practices must evolve with changing regulations, market conditions, and organizational growth. Continuous improvement and regular reviews are necessary to keep governance frameworks relevant.