The State of Decision-Making | Norman Marks on Governance, Risk Management, and Audit

An UK software company, Board, has shared a perceptive report on the woeful quality of decision-making in the banking and finance sector, at least in the UK.

The State of Decision-Making is summarized in an article in Global Finance and Banking that says decision-making is making progress.

Some excerpts with my highlights:

• Organisations need to be able to plan, adapt, and react with speed. The importance of breaking down data silos to gain a complete view of performance, connecting financial and operational planning and enabling the accurate simulation and testing of scenarios has never been greater.
• Leaders need to think beyond survival and concentrate on how they can thrive in the “next normal”, and have the tools in place to enable better decision-making for a better, more profitable tomorrow.
• However, across the world, business decisions are still being made across multiple functions of a business, and all too often the process is disconnected, modular or fragmented. Business critical information sits in silos, processes are disjointed and compounded by over-reliance on error prone, outdated tools such as spreadsheets – causing a disconnect between departments, a misalignment of people and resources and a lack…