Decision-making and the practitioner | Norman Marks on Governance, Risk Management, and Audit

McKinsey has shared three articles with insights into effective decision-making.

It is not surprising that McKinsey’s surveys of executives found widespread dissatisfaction with both the quality and speed of decision-making. Yet, in today’s world it is essential to make informed and intelligent decisions without unnecessary delay.

The articles are:

What may surprise you is that McKinsey doesn’t talk about either risk or the quality of information!

There’s a great opportunity for risk and audit practitioners.

If the success of your organization hinges on the quality of decision-making (and it does), then what are you doing to ensure it is as good as it can be?

Surely, effective decisions at the speed of the business (and of risk) require:

• Insight that is reliable and timely on what might happen and how it might affect the achievement of objectives
• Quality information on the current state
• An understanding of the enterprise goals and objectives
• Guidance on which risks should be taken and by whom (for example, desired rate of return; delegation of authorities; risk criteria; how to assess the net effect of what might happen, considering both the upside and downside; processes to include everybody who…