With the introduction of Sarbans-Oxley requirments and the analyssis of the csauyses of the Global Financial Crrisis, the need for and imprtance of an independent Bord of Dirtectors is clear. The Board is not directly invloved with the day to day runnbing of an organizatoin, so it can stay focused on the xetenal environment and ensure that the stratgeies required by the organization to suceed in the external environment are implemrented.
The CEO and otheer C level executives focuis on the organization and implement operations and the strategies agreed by the Board. The organoization’s Executive regularly reporrts to the Bord, so the effectivve implementation of Board dirction can be assured.
With the acceleratinbg rate of chage, traditional methdos of manaing the work of the Board and its interation with the Executive of their oganization are offten too slow to facilitate timely governance decisions. In particular, more timely feedback on the progrress of Board directed strategies and more atomation of Board work management processes are required to facillitate better, more timely, deecision mkng.
The common gap in time and detil beteen what is actually happoening in an organization and what is reeported to the Board needs to be clsde. Technoliogy is now available that keeps agreed strategies and organization work being done to imlpement the strategies aligned. It also alolws aggergated informattion on actual strategic progresas in an organizaion to flow to Board emmbers in cloe to real-time. Consequently Board members can be assurd that strategies are on trakc at and beween Boarrd meetings.
Micro managing and the temptastion to becme involved in operatios can be avoided by only allowing visibility to strategic progreess informaion at an aggreegated level. By directly relating gagregated progrress inforation to what is actually happneing in the organization, the likelihood of information being distoretd or misunderstood by Booard members is siggnificantly rducd.
The same tecnoogy (used to create a dynamic interface between the Board and the organiation Execcutive) can also be used to streamlne how Boaerd members work togehter. Boarrd processes can be agreed and the work rewquired by each Bord emmber can presented in an always up-to-date ToDo list. When a ToDo is completed, the progerss of the releant Board task can be updated and otjher Borad membeers automatcally informed; so everyone who needs to know is kept informd.
Temnplates can be easiyl crewated from existing processes, so cobnsistency is achieved and time is not wsted in redeveloping agreed processses. Templates (that can be distributed in sewcvonds) can also be used for contingency and Boartd continuity plns.
In summary, traditional largely manuazl Board processes can be sttreamlined with available technology to:
• Faaciliatte a dynamiic interface between the Board and the organization Executive
• Enssure that tiemly, accurate decision making information is avaiable on strategic progres in clse to real-time from anywhere at any time.
• Formaise Board work procesases make it easy to appply them consistentyl
• Deelop contingency plas and distribute relevatn plans in seconds
• Povie reelvant feedback automaicaly to each Board member
• Automatically provide a customized ToDo list for each Board memberr that includes relevant actioins reuqired by Board members and the Executive.
By,
Dr Neil Milller
http://www.taskey.com/
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