(Smarter Solutions Inc.: Austin, Texas) -- Business management governance needs reinvention now. Current management practices didn’t prevent occurrence of the current financial crisis and often permitted creation of detrimental policies without risk assessment, says Forrest Breyfogle, CEO and president of Austin, Texas-based Smarter Solutions Inc.

Everyone agrees that change is needed, but where should we go? Sarbanes Oxley (SOX) was created as a financial control mechanism because of the Enron-type fiascos that occurred at the turn of the century. SOX didn’t prevent the occurrence of our current problems, because apparently SOX answered the wrong question, Breyfogle says. For the current financial crisis, it’s important to learn from the past and answer the right questions. In businesses, we need a system that provides direction for achievement of the three Rs of business—everyone doing the right things, the right way, at the right time.

What is needed is a no-nonsense, long-lasting business governance system with a framework that integrates healthy policy-creation with scorecards, strategic planning, business improvement, and controls. Such a system is described in an MWorld article by Scott Dickman, chairman and CEO of Oracle Packaging("New Methods to Achieve Production and Financial Gains," American Management Association, Winter 2008-09).

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