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Optimizing board decision-making
There’s an interesting article on the London Stock Exchange page: Optimizing board decision-making in the eye of a storm. It is written by an individual that advises boards and directors in the UK.
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Risk and audit professionals need to think about what their customers need and how that is changing in these dynamic and turbulent times. They should consider whether there is a need to change one or more of:
- What they are addressing
- When and how often it is being addressed
- The time it takes to do that
- How the results of their work are communicated, including the speed of that communication
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The author references a director who is on “an experienced board with battle-hardened veterans in both the ranks of the executive and non-executive directors.” Even so, “he indicated that the board and executive team seriously struggled with the enormity of the challenges facing the organisation”.
He continues:
While he indicated that the board were quite mature in terms of risk management and business continuity planning, the sheer scale of the Covid-19 crisis literally floored the board both in terms of the scale of business impact, the impact on their employees and currently how difficult it is to plan for the…
