Tuesday, November 10, 2020

The Monthly “Digitizing Boardroom” Book Tuning: Inspirational BoDs & Constructive GRC Nov. 2020

The more diverse, the more regulated, the more geographically dispersed an organization is or becomes, the more important an integrated or federated governance discipline should be. 

Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals. 

Here are the multiple perspectives of shaping a strategic boardroom.


 Inspirational BoDs & Constructive GRC

 

Responsibilities and Leadership Impact of Contemporary Corporate Boards The purpose of the board of directors is to enforce governance disciplines by directing business in the right direction and monitoring the business performance. It needs to be remembered that governance as a discipline is a living breathing entity that continually requires stroking and attention, otherwise, it will stagnate and lose its ability. To lead effectively, directorship in any forward-thinking organization must have the ability to guide, inspire, motivate and embrace business trends such as digitalization and globalization, take multiple responsibilities, and make significant impact to drive transformative changes seamlessly.

The Digital Directorship Manifesto The best-in-class board practices scientific governance disciplines based on logic and rationalization with inquisitive attitude and inspirational leadership style, to steer the enterprise ship in the complex and ambiguous digital business dynamic, to expedite changes and accelerate digital transformation.

The Digital Board’s Digital Playbook The advanced board is the mastermind behind digital transformation because it plays a crucial role in setting tones for the digital paradigm shift, making good policies for the management to follow, and creating digital principles for inspiring learning and creativity. Digital boards co-develop the digital vision and oversee the business strategy, and recommend comprehensive digital playbooks to guide the business through the journey of digital transformation.

Corporate Governance Clarity and Disciplines The business environment today becomes more dynamic and uncertain than ever, governance ensures business effectiveness by enforcing accountability and collaboration. The more diverse, the more regulated, the more geographically dispersed an organization is or becomes, the more important an integrated or federated governance discipline should be. In fact, governance needs to be the frequent conversation of top leadership teams such as corporate board and C-level. Taking part in governance discipline should be seen as a leadership style and effective tactics to achieve high-performance business results.

Which One Do You Have: Emotional Board or Effective Board Governance in Greek means "to steer," and that is exactly what governance entities should do; they set the course and steer the organizational ship, keep it on the course, and off the rocks. As to Board performance and competence, the challenge facing organizations these days is related to increasing complexity and increasing rate of change and a BoD will need talent who can reflect and offer insight into such situations, also, the overall board effectiveness will depend on how it makes decisions as well as steers changes.

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