Governance Transparency

 Trust and transparency mutually reinforce each other.

Transparency is the wind under performance’s wing; transparency is also crucial to improve governance effectiveness. Transparency, from a Governance, Risk Management, and Compliance (GRC) perspective, refers to the capacity of external parties to access reliable and timely information regarding the operations of governmental or private organizations.

Transparency is linked to accountability, openness, and responsiveness. The idea of transparency originated in the financial sector, where it described a company's obligation to disclose its activities to shareholders, regulatory agencies, and the general public.

Transparent processes are considered more accountable and democratic, whereas transparency in the economy promotes free-market practices. Access to information and the responsibilities of institutions to uphold those rights are seen as safeguards against abuses and as good governance practices in different fields.

Complex transparency procedures: However, transparency can be problematic in practice. Opportunities to obtain information may go unused and may be dangerous where civil society is weak or where citizens' rights are intimidated. Officials may release disinformation, create expensive and complex transparency procedures, or disseminate material in obfuscatory forms.

Trust and transparency mutually reinforce each other. The effective way to transparency is through communicating, communicating, and communicating. The transparency is to transform the organization into a system approach, not through a command-control hierarchy only. It has to be implemented systematically and communicated democratically.

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