In the first step of strategic management, identifying the current strategies and goals provides Yet some of the best strategic answers can come from engaging in and mining fraught conversations. Not flaggedFlag question Think about it very carefully. a. 12. A technically minded banking and credit risk leader, with a broad experience of monitoring and optimising secured and unsecured credit risk strategies in both the UK and emerging markets (Africa). They can also model how they want to communicate in the way they share both good and bad news (without hyping or downplaying), and in the way they ask questions and listen. DTTL (also referred to as "Deloitte Global") does not provide services to clients. b. Departmental Board. Question 30 The correct answer is: leader emergence Prior to joining Deloitte, Vincent was a senior partner at Monitor Group where he co-led the global leadership & organization practice. The correct answer is: lead director Banish ultra-technical terms. &w HTKo0Wh-]!CTmOa,p(W.9UmAb&ceP.%,s@4y6PO`#|wPL/} >W=j7!_c#n|v6:}E6kUK)]VkvbNS@*V.x"s#_\F4W)0;I7\0g(miR v`Ll something that happened while they were with that company is known as: What are the key functions of the nominating, audit, governance, and. Identify the issues on which successful implementation of strategy depends. Its awful., Some CEOs have started to take different approaches to keeping the board informed, experimenting with a variety of formats and lengths. 0000001383 00000 n It is an objective more appropriate for a marketing plan. To have Boards participate in the strategy process, and not merely approve a finished product. a. risk of competitors imitating innovations Done right, this step can provide exceedingly helpful input to the process of coming to a strategy recommendation to the board. What are the responsibilities of the corporate governance committee? View PDF. Not answered A fearlessly transparent CEO can have conversations with members of the nominating committee and the chair or independent director that address essential board capacitiesand identify which ones are missing. Question text b. a duty of care The correct answer is: the internal environment Board chairs and other directors told us they want to contribute more value and use their full range of talents: The trendline is unequivocal that directors want to be more involved in strategy and discussions at that [top] level., CEOs seem to want that, too. Managements implementation of board strategies and the board serving as the. already exists in Saved items. It was called the UPS box. Question 31 5 Steps in the Change Management Process. b. That means the board and the CEO are in full agreement that the CEO is actually the COO. Select one: CEOs shouldnt forget to set the tone internally with their executive teams as well. strategies that result in above-average returns. b. missions xb```V~20p``h`8{Jw[`U--~:&"Syg}]_{:+*@j:|% lP 7+EpLNKv'fX@!59@ 2|?0 A Chief governance officer. relationship between strategic planning and performance. S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. It is important, when discussions grow heated, to accept and name the tension instead of avoiding it or, worse, allowing it to simmer and grow under the table. In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. Not answered d. It does not provide a percentage change. By influencing what happens between board meetings, CEOs have the opportunity to curate and even cocreate the full board experience. a. Board structures may differ among family-owned SMEs. Feedback When a resource or capability is valuable, rare, costly to imitate, and nonsubstitutable firms may Above all, this piece was made possible by the CEOs and board chairs, directors, scholars, and advisers who shared so much of their time, observations, and insights with us. We've compiled a list of 5 effective board management strategies to help your board succeed. ;_D{BXn9du: Feedback Question 38 b. The structure of a public companys board of directors is established by its: 10. Even the notion that boards be actively engaged in overseeing the development and execution of corporate strategy is now being superseded by the expectation that they get actively involved in interpreting complex market dynamics and shaping a vision for the companys future. The correct answer is: Core competencies Question 2 Its not necessarily easy for boards to contribute to strategy, however, or even to embrace the idea that they should. b. leader treatment In the latter case, it knows without question that it needs a new CEO. Marked out of 1. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. Realigned the support of 1,400 mobile devices. Board Engagement. Question text Marked out of 1. Nadler (2004). I feel completely different about that. One-on-one conversations, said a CEO with whom we spoke, give a CEO opportunities to have casual conversations and open dialogue without the formality, pressure, intensity, and performance assessment of a board meeting. Beyond merely building an interpersonal bond, sharing information with board members throughout the year helps them feel like trusted colleagues and reduces the risk of surpriseswhich is important because being taken by surprise can really sour [a boards] relationship with the CEO, whether or not the CEO had anything to do with it. Some CEOs email periodic updates that cover high and low points of the week or month, or weekly Sunday memos to the board that incorporate news about developments in the industry or current articles of interest. Feedback by Matt Palmquist c. a mixed While the individual who facilitates board meetings obviously plays a key role in managing tension, the mindset and posture of a CEO who clearly evinces comfort with discomfort, and even an appreciation of conflict, can be a subtle but powerful influence on the tenor of the conversation. Feedback With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. Boards play an integral role by serving as advisers to senior management and the overall organization. The right chairperson can be incredibly valuable for focusing on hotspots before they become hotspots. Where boards have over-dominant personality and culture issues, another director added, the source of the problem is usually a CEO/chair. Question 22 Benjamin, a managing director with Deloitte Consulting LLP, and a co-leader of Deloittes Chief Executive Program. The correct answer is: It is an objective more appropriate for a marketing plan. Boards and C-suites alike have an opportunity to recalibrate their risk framework to focus on a longer-term . Members of the audit committee must be vigilant, effective, and informed. It can more easily make a great decision: either the CEO has taken the advice and come back with a better strategy still, or the CEO has failed to take the advice and come up with something uncompelling. 1. The bulk of the work in implementing strategy is done at this stage. 1. a. Marked out of 1. For CEOs, the board of the future is strategic, 4. The correct answer is: Objectives A key to achieving positive outcomes from tension, however, is to make sure that the tension remains constructive rather than destructive. a. competitive parity. Question 46 4EG"t.yWmj21qdCCcQdj[`eP!2)H5m%ZAw8Fcj?fW}pi#i'_"avnPmq-NYeF @,SY3vx#B-6l]-Og(-3V t"IP. The purpose of the implementation board is to have strategic oversight and provide support via a hybrid approach to successful and practical operational implementation of "Healthy Workforce. View in article, Benjamin Finzi, Mark Lipton, and Vincent Firth, Can CEOs be un-disruptable? Feedback b. This 2-day Board Strategy & Risk Management Programme is a core module designed to explore the role of the Board in strategy setting and implementation in order to meet its goals whilst responding to changes in its environment. This paper provides practical guidance for boards, senior leaders and risk managers in the development and implementation of organization-specific cybersecurity measures, with a focus on the identification, mitigation and management of risks. Question 19 Question 12 A friend who serves on a number of consequential public company boards came to my office not long ago to ask my opinion on something that had become a contentious issue across his boards. strategic involvement of boards in business strategies from the point of view of big retailer by comparing the actions taken by the board of directors that are highlighted in the Annual Report. Lorsch (1995, January-February). Select one: Not flaggedFlag question c. CEO. This article draws insights from what we heard. Select one: Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. Wouldnt that be a beautiful thing? 0000003247 00000 n What about the other extreme where the board simply declares yea or nay to the CEOs strategy? Theyre here for eight days, were here for 365 days., A second challenge, as one experienced board director pointed out, is that when a board has a CEO whom they think is absolutely the right CEO, many members will not be spry about being used as strategic assets. Set deadlines for the change. One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. 0000006110 00000 n These actions could be as simple as agreeing on what information is necessary to reach a satisfactory resolution, and what needs to be done to obtain that information. Active Scotland Development Group. Theres a huge information asymmetry, one chair-CEO said. Previously a senior member of Monitor Deloittes Strategy practice and a co-founder and president of a private equity-backed 300-person telecommunications provider,Benjamin has been focused for more than 20 years on researching and understanding how companies succeed in disruptive markets. In this environment, its no longer enough for boards to simply be check the box boards, or even solid and reliable executors of their fiduciary duties. Select one: The board has a strategic function in providing the vision, mission and goals of the organization. One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. Through engaging with boards and executive teams on strategy . The correct answer is: Chief compliance officer. Directors may feel the strategy needs to address the emergence of new competitors, the slowing of growth, technology disruption, or an increasingly bloated cost structure. b. an understanding of what the competition is doing business-- the investment-- are more than matched by the revenue produced in return? a. leadership effectiveness The correct answer is: Resources to implement strategies are firm-specific and attached to firms over Not flaggedFlag question Keep reading to learn how to use each of these board templates. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. a. Ones ability to be flexible and think strategically. Marked out of 1. With a strong partnership between the board and CEO, what at first may feel like difficult conversations can become revelatory dialogues, surfacing ideas and insights that might otherwise stay buried from a desire to smooth tension and maintain civility. 0000000796 00000 n A MIHRM, MKIM, SHRM Certified HR Business Partner with a successful background spanning over 11 years and extensive exposure as a Strategic Organization Development Consultant, Talent Architect, Performance Management expert and International consultant working on both international and local assignments. b. dormant director Question 3 How can boards strengthen governance to accelerate their ESG journeys? Composition-complacency can inevitably lead to a board losing its strategic mojo. management implementation of board strategies and the board serving. Manage Efficiently: From planning and meetings to policies and evaluations, board management software can help you keep your governance team running smoothly. Feedback Corporate governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. To avoid this, just have a conversation about them at the start. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. The third and final step entails the CEO presenting the desired strategy choice to the board. Corporations run best when the board and senior management hold the same perspectives on strategy, priorities and risk management. %PDF-1.4 % How to develop a winning strategyand put it to work. endstream endobj 224 0 obj <>stream 'The central role of the board is to co-create and ultimately agree on the company's strategy' (Casal & Casper 2014). Insurance payable to the directors and officers of a company if they get sued for. Rely on metrics. Introduction b. market leader Not flaggedFlag question Not answered Align with global business strategy . A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. Question text d. Did not attend a school supported by the company organizational success? Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. major business processes (e., order processing, general ledger, payroll, and production) within a d. a duty to propose high dividends for shareholders Marked out of 1. Actively and favorably doing business with the company. CEOs will likely be willing to be transparent to the extent they experience mutual respect, trust, and support. CEOs can also cultivate transparency in the expectations they set for interactions between the board and the rest of the management team. Accessible Vehicle and Equipment Scheme quarterly meeting group. They may need to consider new ways to include the management team in board meetings. . Feedback The correct answer is: operating board Question 24 single family of software modules. b. time pressures involved in serving the customer different customer opportunities. b. be technologically innovative. 0000009192 00000 n c. the external environment Not answered The correct answer is: business model The board has the responsibility of developing a governance system for the business. Not answered K#~>^u&vLfQ]m0p/Hr%r5*+2n |h0. Tactics 6. For an organization to successfully pursue and implement change, it must be prepared both logistically and culturally. b. Marked out of 1. Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, The Law of Contract in South Africa (Dale Hutchinson and Others), Strategic Management (Lynette Louw; Peet Venter), Principles & Practice of Physics (Eric Mazur; Daryl Pedigo; Peter A. Dourmashkin; Ronald J. Bieniek), Introduction to Business Management (Gawie S. Du Toit; Barney Erasmus; Johan Wilhelm Strydom), Civil Procedure: A Practical Guide (Stephen Pete), SILKE: South African Income Tax (M Stiglingh, AD Koekemoer, L van Heerden, JS Wilcocks, RD de Swart, P van der Zwan), Law of Persons and the Family (Amanda Barratt), Fundamentals of Business Management (McGraw Hill), Head First Design Patterns (Elisabeth Freeman), Applied Business Statistics (Trevor Wegner), Discovering Psychology (Cacioppo John T.; Freberg Laura), PROG TEST1 - programming 621 second year Question text If board members think setting strategy is their job, they should probably fire the CEO. Select one: In case of the latter, the bar may be higher to justify the consolidation of roles. I am very honest about the things that are problematic, as long as [directors] dont kill me for telling them things arent perfect. 0000003737 00000 n b. internal resource management Select one: Operating board . Select one: The correct answer is: a fiduciary duty (enterprise risk management) anywhere in the world, in either the public or private sector. Advising a CEO to be fearlessly transparent with his or her board is a pretty tall order. How engaged is the board? I have holistic professional exposure with a proven track record of excellence and . performance and risk management. c. prime director CEOs should also remember that, in a strategic conversation, boards will not always be able to resolve conflicts by arriving at compelling answers or comprehensive solutions. In such cases, it can be more important to agree on well-defined actions. If the board is less engaged, the CEO may have more influence to increase the boards engagement by playing a dual role. 0000007462 00000 n Question text Best Practices in Using Board Management Software for Maximum ESG Impact As one interviewee put it, Diversity of thinking is not free. But tension in board interactions is not necessarily a bad thing. Marked out of 1. Which analysis in the marketing planning process looks at the companys history, products, and Adult Social Care: independent review. How can CEOs engage the board in becoming a strategic asset under such challenging circumstances? What is a strategic design for how a company intends to profit from its strategies, work processes, The board should provide broad guidance to management on the overall direction of the organisation and its strategic priorities. c. Passive board. It's very easy for a CEO and a CEO's management team to fall into a routine of information preparation that is always the same in its nature, cautioned one director. 0000001118 00000 n Ratification of management decisions and minimal liability defines which best practices board structure? Question text PV:r1Is:a_. Directors want their CEOs to succeed. But when it comes to the boards potential to contribute to strategy, our interviews made it clear that most boards are not naturally positioned to drive this shift. My team should never feel like they have to withhold information. Not flaggedFlag question Feedback c. Passive board. Not answered, Select one: 2. What actions must be taken to make the compensation committee effective? c. concentric The primary mission of a public company is to _________. Provides Clarity. Question 25 c. Strategic management. In the resource-based model, which of the following factors would be considered a key to Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. Question text In February 2020, the Welfare Board published its five-year strategic plan for the welfare of horses bred for racing. a. intensive growth c. Chief compliance officer. In reality, the board experience outside the formal board sessions is equally importantor even more so, as some of our interviewees believed. the Competition and Markets Authority's report into the children's social care market. d. be valuable to customers. The fact is that both pieces are critical to success. Not answered Is the CEO already the board chair, or is the CEO attempting to become the chair? 0000003489 00000 n But that's not informing the board; that's informing individuals. examples of ________ strategies. A platform for serving communities and building trust. 21. Select one: If a CEO is not transparent, not soliciting feedback, or not open to itor if, as one director said, an insecure CEO seems to feel threatened that there is this group they wish would just go awayboard members can pick up on that. Business acumen. An open spirit is what allows for a productive conversation. Instead of these extremes, the right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. b. no Constructive tension may even be necessary to bring the best out of a boardto drive higher-quality dialogue, and therefore higher-quality outcomes. Additional Support for Learning Implementation Group. 0000002073 00000 n The correct answer is: Skilled employees x= y,B". Compliance with law and regulations. a. a negative management, staff, volunteers) those who will be affected (e.g. Not answered List the principles and practices for ensuring the effectiveness of the, compensation committee as recommended by The Council of Institutional, Briefly discuss the criteria or benchmarks used by the compensation committee. endstream endobj &-C0Npby{62uU6 To respond effectively and provide value delivery, the company requires ________ to integrate c. Does not have any other relationships with the company other than his or her directorship 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . The correct answer is: Actively and favorably doing business with the company. Before delving into logistics, cultural preparation must first take place to achieve the best business outcome. Factsheet 3 - ts purpose is to protect the child's rights to develop his or her full cognitive, Richfield Graduate Institute of Technology. Some CEOs invite their directors to internal meetings and town hallseither to observe, or to learn about a specific topic in greater depth. Marked out of 1. Marked out of 1. Not flaggedFlag question Audit trails and reports are also introduced to review and investigate actions and decisions made to trace and account for specific people. The plan typically sets goals and charts a course over a period of several years and is reviewable at intervals established at the outset. That is less bad but renders the board largely useless in strategy. You would need a really strong lead [independent director] to counterbalance. One thing to make sure of is that we don't fall into a routine and cadence that takes away from the need to look into the future. Consider ways to change it up as an antidote to complacency., Perhaps most importantly, many CEOs touted the value of asking explicitly for feedback, through the lead director or chair if necessary, after every session: Whats working? Boards are in a unique position to pressure-test management's decision making, ensuring that the strategy is tailored to each business environment and continually probing key assumptions to make sure they remain valid. Curate information, and then curate it again, 6. management implementation of board strategies and the board servingcabarrus county abc lottery management implementation of board strategies and the board serving. Not answered c. market situation analysis c. business model Select one: d. covering director In the paper, I try to point out why we need their attention, the types of options we have, and the decisions we have to make. c. be without good substitutes. 0000001198 00000 n objective and independent of management is the: Which of the following can be diversification classifications? When board actions reinforce these attitudes, it can strengthen the relationship and encourage honest communication. It shows that the concept of ERM goes to the very heart of an organisation and that, if implemented in the way we recommend, taking a methodical approach to the management of uncertainty, it will affect the whole corporate strategy and act as a Management Committee) others who can contribute to its development (e.g. Does not have outside relationships with other directors, b. Question 29 Disagreement is inevitable. a. Certifying board. When you are forced to think things through, you are better able to document as well as communicate the plan to team members, upper management, and get everyone on board. W=QBjP+AN l?h3D>:LRd),m-k9[VVVE*m . The correct answer is: strategies are some characteristics that contribute to these traits. We now live squarely in the era of the Big Shift, and CEOs need to adapt.3 For CEOs, the stakes have never been higher, and they need every last resource at their disposal not just to stay in the competitive game, but ideally to shape what the rules of the game are before another player writes them to everyone elses disadvantage. While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit. c. reputation for being a follower c. a fiduciary duty Select one: Here are seven pieces of advice drawn from our research. are best associated with: The linked legal concepts of support for claims and sufficiency of teaching govern the relationship between what is claimed and the content of the description . Study with Quizlet and memorize flashcards containing terms like A, The primary responsibility for effective strategic leadership of the organization rests with the a. board of directors. Which of the following statements about. Question 1 c. Business Consider that the typical board is composed of prominent, successful individuals, accustomed to having significant influence and to having people ready to assist them when needed. d. internal/external analysis Question text xc```b`` @1Vm00l`b@Ly0U@8 H80H~)m',Ut%RGNCe`H320,|'1]U Marketing management The correct answer is: risk of competitors imitating innovations Since their authority and power depend on the boards goodwill, why should CEOs increase their risk of losing that goodwill any more than necessary? The correct answer is: Compliance with law and regulations. The right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. 0000004821 00000 n b. passive board Many nonprofits start the process by identifying . d. Unique market niche In 2016, 2017, and 2018, Bujno was recognized by NACD Directorship Magazine as one of the top 100 influential professionals in corporate governance and in the boardroom. d. leader emergence In fact, as one CEO told us, The board relationship is really the most critical factor in [a CEOs] success.. Ive never seen it.. If we could offer only one piece of advice, it would be to strive for open communication among board members and between the board and management. Please see www.deloitte.com/about to learn more about our global network of member firms. To focus on a longer-term reality, the CEO presenting the desired strategy choice to the CEOs strategy encourage. 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