Monday, April 19, 2021

How to Enforce the corporate board's GRC Discipline

The contemporary board needs to have all sorts of ingredients to enforce GRC discipline, and they have to play an instrumental role in exemplifying leadership, influencing changes and orchestrating digital transformation.

The corporate board is like a steering wheel, and plays a crucial role in overseeing business strategy and setting policies. Ideally, business insights captured either from the BoDs or other top leadership teams are like the guiding light to gain an in-depth understanding of people or things for making sound judgments and effective decisions.

Their GRC disciplines including varying elements such as leadership, values, strategy, culture, resource allocation and controls, can help to clarify the vision and bring new insight about how to steer the company in the right direction.

Value clarify: As the value of the firm beyond economic value or shareholder value. Businesses value view is multi-faceted and it’s interesting to see how business value is in the eye of the beholder including BoDs, with a clear business value stream view, all parties can agree on the common value proposition.

BoDs need to monitor whether the management approach drives the enterprise strategy and creates business value by checking. Does your organization have common values and a dynamic enterprise business model that takes into account initial business investments, life cycle of products/services, economical cycles, market shifts to ensure flexibility and positive results throughout? What value does the investment provide the business? How balanced and effective is the value chain? and how to improve ROI? Etc.

Strategic oversight:
Nowadays, the Board of Directors see the development of strategy as a collective effort between themselves and management, rather than a question of “us versus them.” Highly effective boards oversee corporate strategy, they should be long-term oriented, their perspective must encompass the past, present, and future. As the strategy management is about creating tomorrow's organization out of today via lessons learned from the past. Therefore, the corporate board’s strategic oversight is critical to identify and strengthen the weakest link and determines how each part of the organization, including all of the key functions must "put it all together" to be successful in implementing the strategy to achieve tangible results.

To keep their leadership relevant, how can boards move up the continuum to be more strategic? They perhaps should spend more time on participating in strategy development, they listen a lot, ask, prevent, explore, challenge, seek results, from highly reactive to strategic, bringing tangible business results and reaching the business vision ultimately. They inspire and nurture the evolution of businesses, “talk the walk” to foster digital orchestration.

Resource allocation governing control: The corporate have limited resources, which needs to be assigned scientifically, to make sure that the company can manage people, assets, and resources to meet the business goals. The corporate board’s oversight of resource usage appropriation - matching priorities and resources is to ensure that management can see and agree on what has been done and what should be done next, all these with proper check and balance, to drive high performance business results.

To improve process management transparency, there needs to have clearly defined roles and authority structure, processes, and dynamic prioritization all wrapped up in an adaptive operation plan that turns out to be most critical. Thus, the corporate board’s needs to have a sort of “balance” skill for acceptance of complexity and its contradictions, the tolerance of ambiguity, and know when to take the gas pedal to harness change and when to take the brake to control the risks to unlock business performance.

Due to the “VUCA” digital new normal, the directorship in any organization must have the ability to inspire, guide, motivate, innovate, and adapt. In fact, the contemporary board needs to have all sorts of ingredients to enforce GRC discipline, and they have to play an instrumental role in exemplifying leadership, influencing changes and orchestrating digital transformation.


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