Adaptability refers to the ability of individuals, organizations, or systems to adjust, evolve, and thrive in response to changing circumstances, environments, or challenges. It involves being flexible, resilient, and open-minded in navigating uncertainties, disruptions, and opportunities, and effectively leveraging resources, skills, and capabilities to address new demands or circumstances.

Agility refers to an organization’s ability to adapt, respond, and thrive in the face of change, uncertainty, and complexity. It encompasses a mindset, culture, and set of practices that enable organizations to anticipate, embrace, and capitalize on opportunities, as well as navigate challenges and disruptions effectively.

Audit management is responsible for ensuring that board-approved audit directives are implemented. Audit management helps simplify and well-organise the workflow and collaboration process of compiling audits. Most audit teams heavily rely on email and shared drive for sharing information with each other.

Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel. The staff should have the necessary skills and expertise to identify inherent risks of the business and assess the overall effectiveness of controls in place relating to the company’s internal controls.

Business Management System (acronym “BMS”, also know as BM System) is a set of tools for strategic planning and tactical implementation of policies, practices, guidelines, processes and procedures that are used in the development, deployment and execution of business plans and strategies and all associated  management  activities. Business Management System provides a foundation for successful implementation of both strategic and tactical business decisions regarding current activities, processes, procedures and tasks for the purpose of meeting existing goals and objectives of a profit organization and satisfying customer needs and expectations.

Business process is a series of interconnected tasks or activities that are performed by individuals, teams, or systems within an organization to achieve a specific goal or outcome. Business processes are fundamental to the functioning of organizations, as they define how work is executed, coordinated, and managed to deliver value to customers, stakeholders, and the organization itself.

Business Process Modeling (BPM) is the practice of representing business processes in a structured and visual manner, typically using diagrams and symbols, to improve understanding, analysis, documentation, and management of those processes within an organization.

Business Rules Management (BRM) refers to a systematic approach to managing and enforcing the rules and policies that govern an organization’s operations and decision-making processes. These rules can cover a wide range of areas, including compliance, operations, customer interactions, and more. BRM typically involves the capture, storage, organization, and maintenance of business rules in a centralized repository or system, where they can be easily accessed, updated, and enforced as needed.

Change refers to any alteration, modification, or transformation in a situation, condition, process, or state of affairs. Change can occur in various contexts, including organizational, social, environmental, personal, and technological spheres. It can be planned or unplanned, incremental or transformative, and can result from internal or external factors.

In the context of organizational management, change typically refers to deliberate efforts to modify structures, processes, behaviors, or strategies within an organization to achieve specific objectives or respond to internal or external pressures.

Change management refers to the structured approach and processes used to manage the people side of change within an organization. The primary focus of change management is on the individuals and teams affected by the change. It involves strategies and tactics to help employees adapt to new processes, technologies, or organizational structures. Change management activities may include communication plans, training programs, stakeholder engagement, and addressing resistance to change. The main objective of change management is to ensure that the people within the organization are prepared, willing, and able to embrace the changes introduced

Compliance refers to the act of adhering to laws, regulations, standards, and policies that are relevant to a particular industry, organization, or activity. It involves ensuring that individuals, businesses, or entities operate within the legal and ethical boundaries established by governing bodies, industry best practices, and internal guidelines.

Decision making is the process of selecting a choice or course of action among several alternatives based on available information, preferences, values, and goals. It is a fundamental aspect of human cognition and organizational management, playing a critical role in various contexts such as personal life, business, government, and beyond.

Digital transformation is the process of leveraging digital technologies to fundamentally change the way organizations operate and deliver value to their customers, employees, and other stakeholders. It involves the integration of digital technologies into all areas of an organization, leading to significant improvements in efficiency, innovation, agility, and customer experience.

ESG stands for Environmental, Social, and Governance, which are three key factors used to evaluate the sustainability and ethical impact of an investment in a company or business. ESG criteria are used by investors, asset managers, and other stakeholders to assess the broader societal and environmental implications of investment decisions, beyond just financial returns.

A fact is a statement or assertion that can be proven to be true or false based on objective evidence or empirical observations. Facts are verifiable and reliable pieces of information that are supported by evidence and are not subject to interpretation or opinion.

Fact-checking is the process of verifying the accuracy and truthfulness of claims, statements, or information presented in news articles, speeches, social media posts, and other sources. Fact-checkers systematically investigate assertions made by individuals, organizations, or media outlets to determine whether they are supported by evidence and align with established facts.

Governance refers to the framework, processes, and structures that guide decision-making, oversight, and accountability within an organization. It encompasses the mechanisms through which organizations set and implement policies, allocate resources, and monitor performance to achieve their objectives and fulfill their responsibilities to stakeholders.

Governing document is a formal written document that outlines the structure, rules, procedures, and governance framework of an organization, institution, or entity. It serves as a foundational document that defines the purpose, objectives, roles, responsibilities, and operating principles of the organization, as well as the rights and obligations of its stakeholders.

Implementation refers to the process of putting a plan or decision into effect by taking specific actions or steps to achieve the desired outcome. It involves translating ideas, strategies, or policies into tangible actions and results, often involving the allocation of resources, assignment of responsibilities, and execution of tasks according to established timelines and objectives.

Improvement refers to the act or process of making something better or more effective than it was before. It involves identifying areas of inefficiency, underperformance, or dissatisfaction and taking deliberate actions to enhance performance, quality, or outcomes. Improvement can occur in various domains, including personal, professional, organizational, and societal contexts.

Leadership is the process of influencing and inspiring others to work towards the achievement of common goals and objectives. It involves guiding individuals or groups, often within an organization or community, to maximize their potential and contribute effectively to the overall success and well-being of the entity they belong to.

Management of Change (MOC) is a broader term that encompasses the overall process of planning, implementing, and controlling changes within an organization. The focus of management of change extends beyond the human elements and includes the entire process of introducing and executing changes. This includes technical, procedural, and organizational aspects. Management of change activities may involve assessing the impact of changes on operations, managing risks, ensuring compliance with regulations, and overseeing the entire change process from initiation to completion. The primary objective of management of change is to ensure that changes are implemented smoothly, efficiently, and with minimal disruption to the organization’s operations.

Process Maturity Model is a framework that helps organizations assess and improve their business processes. It typically consists of a set of stages or levels that represent different levels of maturity in managing and optimizing processes. These models provide a roadmap for organizations to move from ad-hoc and chaotic processes to a more structured, controlled, and optimized state. There isn’t an universal business process maturity model, but one well-known example is the Capability Maturity Model Integration (CMMI). Here are some common stages in such models: Initial/Ad-Hoc, Repeatable, Defined, Managed, Optimizing.

Quality Management is a systematic approach to ensuring that products, services, and processes consistently meet or exceed customer expectations and regulatory requirements. It involves establishing and implementing processes, procedures, and standards to monitor, control, and improve the quality of goods and services throughout their lifecycle.

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risks can come from various sources including uncertainty in international markets, political instability, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.

Standard refers to a set of guidelines, criteria, or specifications established by consensus or authority to ensure consistency, quality, safety, interoperability, or compliance within a particular domain or industry. Standards play a crucial role in facilitating communication, collaboration, and coordination among stakeholders, as well as in promoting innovation, efficiency, and trust in products, services, and processes.