Professional management and corporate governance

Organisation is said to be professionally managed when employees working at different levels are given specific responsibilities and also the necessary authority. Responsibility and authority should always go hand in hand. If managers are given necessary authority along with the responsibilities assigned, it can help them to take quick decisions. However, availability of information required by them to take quick decision plays important role. For any information to be good from point of view of decision making, it needs to fulfil certain criteria. Such information needs to be timely, accurate, reliable and valuable. Organisations have started thinking seriously about implementation of Core Banking System to ensure quick availability of decision making information whenever and wherever required.
While professional management practices help authorities to take quick decisions, it is equally important to bring transparency in decision making process. All the major public or private sector banks today have corporate governance
practices in place. Technology solutions such as centralised database implementation along with work flow automation tools are being used to bring more and more transparency and accountability in the system. Many banks have been using web technology for their mandatory disclosures and to display their financial performance for information of their members and
customers.