CURA Software has published a report which focuses on future-focused governance trends that businesses and organisations need to embrace.

The report explains that if organisations want to align their business strategy with the latest trends and technologies, they must implement a proactive, resilient, and agile approach to their corporate governance.

This will allow these organisations to thrive in the modern markets and recover from disruptions faster.

The CURA report includes contributions from Dr Christopher Whittle – who has held several CEO and Executive Director positions across South Africa, Saudi Arabia, and Qatar – as well as Michael Rasmussen – who is an internationally-recognised Governance, Risk, and Compliance (GRC) pundit with over 28 years of experience.

“The interconnectedness of objectives, resiliency, and integrity require 360-degree contextual awareness of GRC,” said Rasmussen.

“Organisations need to see the intricate intersection of objectives, risks, and boundaries across the business.”

We unpack vital insights from the CURA report, below.

ESG

CURA’s governance report highlights that Environmental, Social, and Governance (ESG) competency cannot be treated as a checklist – it needs to be prioritised, as it sets the tone for how businesses interact with employees, customers, and stakeholders.

Whittle also explained that companies and climate change have a two-way relationship: companies influence climate change, and climate change affects how businesses can operate.

This concept is known as “double materiality” and shows that businesses must prioritise environmental responsibility as a key part of their corporate governance.

Metaverse

The metaverse is one of the most exciting modern technological trends and presents many new opportunities for businesses.

However, it also creates new ways for malicious parties to thrive – so it is vital that companies focus on governance in this evolving area of business.

Organisations must set rules, guidelines, and parameters within their metaverse presence on a case-by-case basis.

Diversity and equality

There is already a big drive for diversity within businesses, including in areas like gender, age, ethnicity, and sexual orientation.

This focus is set to continue to grow in the years to come and businesses must prioritise building diverse management if they want to continue thriving in the future.

Additionally, it is crucial for organisations to better represent the diversity of their customers – allowing them to better serve their communities.

Get the full report

The full CURA report discusses these topics in more depth, and also covers other topics like:

• The shift from reactive to proactive governance
• Why good governance matters
• The cornerstones of your 2023 GRC strategy
• Corporate culture is key

It is a must-read report to ensure your business keeps up with the ever-evolving governance challenges that it will face going forward.