Governance is like a steering wheel, to ensure the business running in the right direction!
The “Future of CIO” Blog has reached 1.1 million page views with about #2235th blog posting in 50+ different categories of leadership, management, strategy, digitalization, change/talent, etc. blog posting. The content richness is not for its own sake, but to convey the vision and share the wisdom. Here is the special edition of Board Leadership/Governance insight I of the “Future of CIO” blog.
The Board Leadership/Governance Insight of the “Future of CIO” Blog I
- Conformance vs. Performance: Corporate Board is one of the most important governance bodies to oversee strategy and to enforce GRC disciplines. Many directors think that the role of the director is conformance. The underlying question is actually fundamental: What is corporate governance, when is it necessary and how should it work? Conformance vs. Performance, which is more important for the Corporate Board?
- An Agile Board: Many forward-looking organizations are shifting from doing Agile to being Agile. Agile is more as a mindset, a set of principles and a type of digital culture, rather than the methodology or technology only. Corporate Board as one of the most important governance bodies in the modern business, defines governance principles and practices, oversees business strategy, provisions resources, and sets business culture tones as well. The agile shift is one of the most significant aspects of digital transformation, but how to build an Agile Board that help lead business toward the right direction?
- GRC: Methodology vs. Technology: Digital technologies bring significant opportunities and risks in today’s businesses. Hence, GRC (governance, risk management, and compliance) plays more important role in running an effective organization. GRC methodology vs. technology, how to balance them right in improving organizational agility and maturity?
- Risk Intelligence Mindset: Digital means both opportunity and risks. Every opportunity has risks in it, and every risk has opportunities in it. Does a lack of risk-based thinking lead to business failure? And how to shape a risk-intelligent mindset?Risk-based thinking is something people all do, but perhaps many people do it imperfectly. In evolutionary terms, from risk control mind to risk management to risk intelligent mind, the successful thinking about risk leads to survival by mitigating risks, and then accumulation of enough resources to thrive by capturing opportunities in it and adapting to the uncertainty and changes.
- A Value-added Board: Corporate Board is one of the most significant governance bodies in modern businesses. Generally speaking, Boards have a couple of main functions such as strategy oversight (input, review, etc), governance practices (monitoring, risk management), service (providing advice & support to executives), and resource provision (opening their networks etc.). However, from industry research, very low percentage (less than 30%) of BoDs understand how their organizations create value. This is an absolutely abysmal statistic and is reflective of the fact that the most public company boards have not correctly understood what their primary responsibility is. What’re the principles and practices to run a value-added digital board though?
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