Initiategrcoversight ~ Future of CIO

Friday, September 2, 2022

Initiategrcoversight

5:18 PM Pearl Zhu No comments

Corporate governance is about how well an organization is being run, whether it is in the right direction, as well as its overall problem-solving competency.

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 Oversight

Initiateboardgrcoversight Governance is like the steer-wheel to ensure organizations running in the right direction and head to the destination. Good governance is less about structure and rules than being focused, effective and accountable, with a great impact on corporate performance. The corporate board directors as the digital overseers today need to understand things and circumstances in a holistic way, deal with opposing views, cultures, constraints, and competitions, in order to steer the business in the right direction, help the business achieve high performance with consistency.

Initiatebodoversight The digital world is dynamic, nonlinear, uncertain, and volatile, emergence becomes apparent. The beauty of the digital landscape is the fresh insight of business. Corporate boards deepen their understanding of the organization, share a holistic perspective of business growth, harness innovation and enhance a healthy cycle of performance-conformance to improve organizational maturity.

Initiatecorporateboardoversight In the face of “VUCA” reality with dynamic change and fierce competitions, the open digital paradigm is not just about opening your technology, processing your information; it's a new paradigm shift from process driven industrial economy to people-centric innovation era. Compared to traditional governance approaches which focus on compliance; effective governance today should understand performance and compliance are the two sides of the same coin. Insightful corporate boards initiate invaluable oversight of organizational competency, reputation, and accountability to ensure business running in the right direction with premium speed.

Initiatebodcomplianceoverview Compliance is the management discipline of designing and implementing effective steps to ensure that the organization actually complies with the laws and regulations relating to its operations. Ensuring and overseeing compliance is an essential part of the board's role, a good corporate reputation to be seen as a good corporate citizen is one of the biggest assets of a company and most definitely a value creator.

Innovativeboardoversight The role of the corporate board as a senior leadership team is to ensure the organization is running in the right direction. An insightful corporate board can think multidimensionally, connect wider dots, ask thought-provoking questions to improve strategic decision effectiveness and organizational management maturity. In fact, the corporate board’s oversight of following critical issues will directly impact business growth and organizational competency for the long run.