Once of the key principles of ISO 37000 is value generation. This requires that an organisation seeks to ensure that core values are both defined and fulfilled in relation to the purpose of the business.
The rationale for this is that all enterprises should aim to fulfil their organisational purpose. To achieve this goal the enterprise should generate something of value which is of someworth to its stakeholders and wider interested parties.
The value that the organisation seeks should be sustainable over time and meet the needs and expectations of stakeholders and interested parties alike.
A value generation model is advised within ISO 37000. This should focus upon:• The value the organisation plans to generate – Define• How the organisation should generate the value – Create• How the value will be assured – Deliver• How the value created is retained and sustained – Sustain
The executive of the organisation should define the context that it operates within, including stakeholder needs and expectations.
These expectations might include regulatory needs, technology enhancements, environmental concerns, social and economic issues.
The value generation model should be integrated to reflect human and social related matters. All the resources needed for value generation should be identified. There should be effective measurement of the resources used over time.
The organisation should report on the impact of the resources required over time.
The new ISO37000: 2021 is the International Standard for Governance of Organisations and provides best practice and guidance in developing a framework to enhance good stewardship within an organisation.
For further information and to book your ISO 37000 survey please contact: Marcus J Allen at Thamer James Ltd. Email: email@example.com
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and holds a master’s degree in Management Learning & Change from the University of Bristol.
Marcus is a Fellow of the Institute of Consultants and Fellow of the Chartered Management Institute. In addition, Marcus is a member of BSI Committee G/1 Governance.