All three of the abovementioned concepts have something quite important in common; to exercise governance risk and compliance entails a huge amount of responsibility. To better understand how this is so, let’s examine these concepts closely but briefly. Governance is a broad definition and could be characteristic with the more familiar paradigm of taking ownership of whatever practice or purpose has been selected or delegated.
And today, with the rapid evolution of the Fourth Industrial Revolution, it remains encouraging that many men and women are willingly engaging in the acts and processes of starting their own companies, fully adaptable to and complimentary with this latest industrial revolution. Among those who still doubt their entrepreneurial abilities are those who are afraid to take on, or unwilling to accept, risks. For any successful entrepreneurship to have a credible lifespan, a certain amount of risk needs to be embraced.
But the caveat is to manage these. No matter how enterprising and innovative many of the new startups turn out to be, there is still one lesson that needs to be learned by those who, for whatever ignorant or foolhardy or blatantly dishonest reason, choose to ignore. It is this. All companies, new and established, need to be compliant. They need to be compliant with industry standards related to their fields.
And they need to be compliant with the laws and regulations set by local, state and federal institutions. In fact, and this is encouraging for those who have always endured in an ethical manner, compliancy now crosses borders. In lieu of the abovementioned revolution, it is possible for many entrepreneurs to trade across the globe without leaving town if you will. But they still need to remain mindful and respectful of codes and customs unlike their own.