How To Get Governance & Compliance Right as a Startup or SME - Event Highlights
In the vibrant world of startups and SMEs, the journey to success is often paved with challenges, especially when it comes to governance and compliance.
The third episode of our knowledge series ‘In The Box’, in partnership with Sustineri Attorneys, aired on LinkedIn Live and YouTube Live on 26th June,2024 and it delved deep into the topic, “How To Get Governance & Compliance Right as a Startup or SME’, bringing together industry experts to share invaluable insights on navigating the complexities of governance and compliance for small businesses. Follow me attentively as I give you the rundown of all the highlights of the event!
It was moderated by Isaac Yedonu Aboah, Founder & Host, Change Africa Podcast and the guest speakers for the event included Richard Nunekpeku - Managing Partner, Sustineri Attorneys , Precious Quartey-Papafio, - Legal Counsel, Intercontinental Capital Partners Ltd and Funmi Iyayi, Partner, Templars Ghana.
The event kicked off with a great discussion on the fundamental principles of governance and compliance for startups and SMEs. Guest speakers stressed the fact that a strong foundation in governance practices is not just a regulatory necessity but a strategic advantage that can drive sustainable growth and enhance credibility in the market.
Funmi Iyayi highlighted the critical importance of incorporating intellectual property (IP) compliance strategies into a startup's overall governance framework. She added that safeguarding intellectual property assets through compliance not only ensures legal protection but also fosters innovation and competitiveness, laying a solid foundation for long-term sustainability.
Precious Quartey-Papafio, shared some insights about choosing quality talent and having a balance of competencies. She added that having skilled professionals onboard not only ensures adherence to regulatory standards but also fosters a culture of integrity, risk management, and ethical conduct. She also spoke about the role of technology in enhancing governance and compliance practices for startups and small enterprises. By harnessing digital tools, automation solutions, and data analytics, businesses can streamline compliance processes, mitigate risks, and proactively address regulatory challenges.
Richard Nunekpeku also spoke about the essential steps startups should take to establish a robust compliance culture from the early stages of their business. He stated that most businesses tend to overlook basic regulations, which might come back to haunt them. Embracing regulations and compliance also helps businesses operate within the boundaries of the law and helps mitigate potential risks.
As small businesses continue to navigate an evolving regulatory landscape, the lessons learned from this event will undoubtedly serve as a guiding light in their journey towards excellence in governance and compliance.
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Disclaimer: All opinions expressed by the author are her personal views and not the views of Boxplay Ventures Ltd.