The Monthly “Digital Boardroom” Book Tuning: Boardroom GRC Enforcement Aug. 2020 ~ Future of CIO

Wednesday, August 19, 2020

The Monthly “Digital Boardroom” Book Tuning: Boardroom GRC Enforcement Aug. 2020

11:35 PM Pearl Zhu No comments

Senior board leaders should set the tone and have the right dose of risk appetite for improving risk management effectiveness and overall governance maturity.

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 with digital acumen.

Boardroom GRC Enforcement

Explore People Dimensions of GRC at the Boardroom The characteristics of digital business are interdependent, dynamic, volatile, uncertain, hypercompetitive, and people-centric. It requires interdisciplinary management practices and high-level GRC maturity. At the Board level, it requires a strategic and forward-looking perspective, to deal in “VUCA” new normal, “think the unthinkable,” "see invisible," "listen to not being said," “ask the unpalatable question,” and explore the people dimension of GRC to accelerate business performance and maturity.

The “Risk Appetite” of the Corporate Board We live in an era of information abundance but insight scarcity, full of uncertainty, velocity, complexity, and ambiguity. The result is a higher risk of conflict and inertia. For the majority of organizations, the accountability for the 'oversight' of risk is ultimately on each individual. Senior board leaders should set the tone and have the right dose of risk appetite for improving risk management effectiveness and overall governance maturity. That means looking into an unknown future and attempting to define the landscape with its risks and opportunities, to steer the business ship in the right direction.

Driving “Time-to-Adoption” GRC Discipline We live in an era of information abundance but insight scarcity, full of uncertainty, velocity, complexity, and ambiguity. The result is the higher risk of conflict and inertia, not something that the organization wants in a dynamic business environment demanding innovation, speed, responsiveness, and flexibility to succeed.

IT GRC Framework and Disciplines Framework means the structural skeleton which defines building blocks and how these blocks relate to each other at the conceptual level; IT plays a critical role in strategy, data/IT governance, and risk management in the digital era.IT governance and risk management must be integrated with overall risk management and governance processes.

Three “G” Practices in Corporate Boardroom With rapid change and exponential growth of information, how successfully organizations can handle continuous digital disruptions depends on how fast and capable they can adapt to the ever-changing environment. The senior leadership of the organization such as BoDs, like the steering wheel, needs to navigate companies through uncharted water, to ensure their ships are moving in the right direction.

The Important Components of Enterprise Risk Management Framework With rapid changes, the exponential growth of information, and fierce competitions, organizations across vertical sectors all face unprecedented levels of risks and opportunities. In fact, the risk is the unwanted subset of a set of uncertain outcomes, and risk-taking is an aspect of social behavior. A contemporary organization's success is, in large part, driven by how wisely it takes risks and how effectively it manages the risks. Here is a set of important components of the enterprise risk management framework.

The “Future of CIO” Blog has reached 3 million page views with 6900+ blog posting in 59+ different categories of leadership, management, strategy, digitalization, change/talent, etc. The content richness is not for its own sake, but to convey the vision and share the wisdom. Blogging is not about writing, but about thinking; it’s not just about WHAT to say, but about WHY to say, and HOW to say it. It reflects the color and shade of your thought patterns, and it indicates the peaks and curves of your thinking waves. Unlike pure entertainment, quality and professional content takes time for digesting, contemplation, and engaging, and therefore, it takes time to attract the "hungry minds" and the "deep souls." It’s the journey to amplify your voice, deepen your digital footprints, and match your way for human progression.