WTS Business Services (Pty) Ltd (‘WTS BS’) is pleased to announce its appointment as an international distributor of the cloud-based Praefectus™ software platform, which empowers the acclaimed Corporate Governance Framework®. Praefectus™ was jointly developed by two South African companies, CGF Research Institute (Pty) Ltd (‘CGF’) and Madjenta Holdings (Pty) Ltd.
As an organisation which provides an array of governance and business consulting services, which include specialist tax, financial and technology advisory services in South Africa, WTS BS is ideally suited to add the Praefectus™ software to its suite of professional services. As a global entity which is well established in over 100 countries internationally, the company is excited to take this product to Europe and Africa, and then expand to other continents.
Charl Niemand, Chief Executive Officer of WTS South Africa (a member firm of WTS Global), says that the appointment of WTS BS as an international distributor of Praefectus™ could not come at a better time. “We are looking forward to further embrace certainty, transparency, investor confidence and good governance in South Africa and Africa, as required by our local and multi-national clients,” he says, “and we believe that the implementation of the digitised Corporate Governance Framework® within organisations will achieve this end.”
The Corporate Governance Framework®
While good governance is often touted as a lofty ideal, it can now be given practical application in the form of the digitised Corporate Governance Framework®, which provides, among other things, an electronic dashboard to assist vested, key stakeholders to manage an organisation’s governance processes and determine the status of good governance across the organisation. It also provides an organisation and its assurance providers with the capability to attest to a greater level of its enterprise-wide corporate governance status, and improved levels of transparency, including better oversight and monitoring at board and management levels.
The Corporate Governance Framework® provides a singular schematic view of an organisation’s overall strategic and operational governance position in real time, from the perspectives of board accountability and management responsibility, and therefore unequivocally demonstrates the organisation’s culture and acceptable standards of behaviour. It also focuses the organisation, through its board of directors and key senior executives, on those aspects of the business which require attention, those which have improved over time, and those which are running optimally, from a GRC point of view.
Why WTS BS believes in Praefectus™, the enabler of the digital Corporate Governance Framework®
In the current turbulent global socio-economic climate, it is a given that good corporate governance is essential. All organisations are required, by codes of good governance, legislation and regulation, as well as by their stakeholders, to operate ethically and sustainably within their realm of influence, with a fundamental focus to create value. Organisations are required to be responsible corporate citizens and to be seen as such, in order to be sustainable over time.
The Praefectus™ software assists an organisation to achieve this end, by providing relevant, concise, holistic and timeous information to its stakeholders on the strategic direction, performance, risk and opportunities which it faces. By focusing and reporting on material items — and how these are inter-linked — an organisation is able to foster a culture of transparent and meaningful communication, and in so doing, continuously build trust with each of its key stakeholders.
According to Niemand, “the products and services WTS offers to its clients will be immeasurably enhanced with this carefully selected Praefectus™ software which fits perfectly with our current product portfolio and aligns with our own values and high standards of governance and ethics.”
More about WTS
The WTS BS team consists of top consulting specialists, with many years of business experience, who advise organisations on a suite of corporate governance services, which include Enterprise Resource Planning (ERP), Data Management and Reporting, Artificial Intelligence, Bespoke Business Systems, Blockchain, System Development, Forensic Services, Digital Marketing, Management and Financial Services, B-BBEE and Business Development, among others. These services fit ideally within an organisation’s Corporate Governance Framework®.
With representation in over 100 countries, WTS Global has grown to a leadership position as an international tax practice, which offers a full range of tax services and aspires to become the preeminent non-audit tax practice worldwide.
WTS Global deliberately refrains from conducting annual audits in order to avoid any conflicts of interest, and to be the long-term trusted advisor for its international clients. Clients of WTS Global include multinational companies, international mid-size companies, as well as private clients and family offices. The member firms of WTS Global are carefully selected through stringent quality reviews. They are strong local players in their home market, who are united by the ambition of building a truly global practice that develops the tax leaders of the future and anticipates the new digital tax world. WTS Global effectively combines senior tax expertise from different cultures and backgrounds and offers world-class skills in advisory, in-house, regulatory and digital, coupled with the ability to think like experienced business people in a constantly changing world.
WTS Global has been acknowledged regularly as a Tier 1 network by Chambers & Partners and has been recently awarded as the European Indirect Tax Firm of the Year 2018 by International Tax Review.