Select one: Second, in the middle of the process, the CEO should come back to the board with strategy possibilities alternative approaches to deal with the challenges laid out in the first step. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. The correct answer is: Create sustainable and enduring corporate value Question 5, Select one: Strategy is becoming more challenging yet more important, increasing the value of boards that can actively partner with management and guide the company's future direction. CEOs who want their boards to be more strategic should understand that tension can be leveraged for the greater good. a. The meetings fall into a rhythm and a cadence. 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To respond effectively and provide value delivery, the company requires ________ to integrate The right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. The board's role in strategic planning entails identifying priorities, establishing goals and objectives, finding resources, and allocating funds to support the decisions that need to be made around strategic planning. Question text View in article, This article is an independent publication and has not been authorized, sponsored, or otherwise approved by Apple Inc. iPad is a trademark of Apple Inc., registered in the United States and other countries. | EY - Global Trending 8 transformative actions to take in 2023 16 Dec 2022 Consulting How can slowing climate change accelerate your financial performance? . Started on Sunday, 17 May 2020, 6:48 PM Other decisions, which entailed real strategic choices and could have used two or three hours of debate, did not get enough air time. Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. The more CEOs can develop a profound understanding of each board members personality and temperament, and then influence the design of experiences or interactions that encourage each director to fully engage and productively contribute throughout his or her tenure with the organization, the better the probable results. Not answered The correct answer is: Objectives Feedback I have holistic professional exposure with a proven track record of excellence and . Question 24 d. The external environment is assumed to impose pressures and constraints that determine the Dont be too quick to cut off conversation in the boardroom instead of letting it play out, one director we spoke with advised. S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. b. They may need to consider new ways to include the management team in board meetings. d. be valuable to customers. The Policy Governance Model. See something interesting? Getting the board engaged is going to pay off down the road.. Q:@,qE : ~I}PTo`DW6'a+JSrh/P|%=8?h0UJB_htI'e('zF%)rpD$u*d]@hEvjx$ r6#>$YHxa4:) 3CT=-W7oTPgM6%*+m '4Ky).3r- thUi24.fbX :N.}%|Z4'|8> dx.&N'd)r5MC=\uI#%{4RNhVf>MoM),02Y87f[aMG8=&AZs;68%[ rk Set deadlines for the change. <]>> She is a subject matter resource to public and private company directors and committees on several governance, strategy, and risk-related topics, as well as on timely and emerging topics that pose challenges to companies. Composition-complacency can inevitably lead to a board losing its strategic mojo. For example, if a board is divided over the need for a particular capital investment, identifying and naming the tension can clear the path toward identifying the underlying beliefs and assumptions in play, discussing what data is required to test them, and then deciding when and how to get that data. A technically minded banking and credit risk leader, with a broad experience of monitoring and optimising secured and unsecured credit risk strategies in both the UK and emerging markets (Africa). c. a basis to determine if the goals need to be changed, d. an idea of what trends and changes are occurring Not flaggedFlag question My team should never feel like they have to withhold information. &w a. risk of competitors imitating innovations a. Feedback already exists in Saved items. 0000009192 00000 n Not flaggedFlag question In this environment, its no longer enough for boards to simply be check the box boards, or even solid and reliable executors of their fiduciary duties. c. trailblazer The bulk of the work in implementing strategy is done at this stage. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 0000002569 00000 n To standardize and improve aftercare services, we will implement critical time intervention (CTI), an evidence-based, structured, and time-limited case management practice. They can also model how they want to communicate in the way they share both good and bad news (without hyping or downplaying), and in the way they ask questions and listen. First, at the start of the process, the CEO should seek the boards input on the challenges that the board thinks the strategy should address. The board of directors' most important function is to approve . If it doesnt, its members should be fired or choose to resign. Too much information can be just as bad as too little information. Another said, I used to dread it when the 12 inches of paper arrived on your desk. The role of the CEO exists at the intersection of the external environment and the internal organization. Best Practices in Using Board Management Software for Maximum ESG Impact Marked out of 1. d. a duty to propose high dividends for shareholders Furthermore, directors can use their role to monitor the execution of the strategy and ensure that it is carried out properly. Not flaggedFlag question Here are a few tips that could help: Get to know the members of the Board of Directors. a. leadership effectiveness Passive board. (Its important, however, to suit ones tactics to the audiences preferences. Adult Social Care: independent review. The correct answer is: operating board Think about it very carefully. Feedback Make money now without planning for the future It is the team meetings, the one-on-one coaching, the process improvements, the customer meetings, and the responses to the . Question text A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. d. certifying board Does not have outside relationships with other directors, b. This is what most of us know as the traditional approach to strategy. Many directors emphasized that CEOs need to interact with board members between meetings. A highly dedicated team player with a passion for organizational development, offering leadership in the creation and implementation of people and culture strategies. 0000008690 00000 n This doesnt necessarily mean interacting with the board or a board committee as a group. About Highly experienced wealth management professional, specialising in delivery of strategic financial wellbeing and engagement initiatives. That fact is even clearer if the CEO accepts that its the boards role to do strategy. must carefully plan for and identify strategies to mitigate cyber-related risks. Which analysis in the marketing planning process looks at the companys history, products, and c. Strategic management. If we could offer only one piece of advice, it would be to strive for open communication among board members and between the board and management. All of the following are assumptions of the industrial organization (I/O) model EXCEPT need or want. Prepare for the change with open communication. Active Scotland Development Group. An effective catalyzer, I work behind the scenes with an unwavering commitment to people and impact. Marked out of 1. It shows that the concept of ERM goes to the very heart of an organisation and that, if implemented in the way we recommend, taking a methodical approach to the management of uncertainty, it will affect the whole corporate strategy and act as a Copy a customized link that shows your highlighted text. The Implementation Board's remit is to lay the. The mitigating factor, to the extent that it exists, is the degree to which the board and CEO desireand actively work towarda partnering relationship rather than an unequal one. Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. c. business model Feedback Not flaggedFlag question Many directors also spoke enthusiastically about education being a part of their board experience, whether in the form of conferences, speakers, or creative learning opportunities that CEOs and their management teams develop for their boards. Select one: Not answered d. leader emergence Not flaggedFlag question The strategic plan addresses the what and why of activities, but implementation addresses the who, where, when, and how. Simply select text and choose how to share it: Seven steps to a more strategic board Provides Clarity. On some of my friends boards, the prevailing view is that strategy is their job and they insist on having board strategy retreats during which they set strategy. the long-term. obtain _____________. Corporate Question 2 c. CEO. a. The boards cultural context shifts from a focus on power dynamics to what is good for the organization. Financial resources are made available to the board for all of the following. b. While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit.1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external board advisers to ask them to share their experience and perspectives. 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . Active Scotland Delivery Group. d. competitive model. The founder and former leader of New York's Deloitte Greenhouse Experience, he has designed and facilitated hundreds of immersive lab experiences for CEOs and their leadership teams where he combined principles of business strategy with behavioral science and design thinking to address clients challenges. c. Chief compliance officer. Generally, it should involve as appropriate: those who will be implementing the plan (e.g. Actively and favorably doing business with the company. Select one: c. Segregation of duties. With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. Business acumen. 0000006777 00000 n Question text Question text I feel completely different about that. Feedback Clearly, this has echoes of the one extreme end laid out above: coming to the board with a fully baked strategy. Select one: Marked out of 1. d. Create sustainable and enduring corporate value startxref b. a slow start at forming customer relationships and customer loyalty The right chairperson can be incredibly valuable for focusing on hotspots before they become hotspots. Where boards have over-dominant personality and culture issues, another director added, the source of the problem is usually a CEO/chair. c. a fiduciary duty The correct answer is: lead director d. the alternatives the firm faces, Feedback 3hS&A=|0/989LN3wnJB\H ("S!3uL#r>~&F v{LN w @L }Kv6B8B b. 0000001198 00000 n If not, what do you need? Grade 0 out of 100. Realigned the support of 1,400 mobile devices. Not answered Is the CEO already the board chair, or is the CEO attempting to become the chair? members, users, etc) those who will monitor its implementation (e.g. b. market leader Abortion Safe Access Zones: Ministerial Working Group. Clearly separate the role of the board from the CEO's ability to run the organization. Many nonprofits start the process by identifying . b. top management team. c. concentric And even if there is not total agreement, the CEO can incorporate the boards areas of concern from the very beginning of the process. Question 39 c. Motives One of the first steps for CEOs is to step up. Tony developed the following objective for his advertising plan: Increase market share in the Feedback d. Theres a huge information asymmetry, one chair-CEO said. d. Marketing b. a duty of care In today's disruptive marketplace, many CEOs and business unit leaders have learned that they can no longer shield their organizations from ambiguity. Not flaggedFlag question The board's role is to advise ministers on the implementation of reform across children's social care . Operating board. a. a negative This may seem unnatural to CEOs accustomed to taking a more reactive or passive stance toward the boards role in oversight, compliance, and the execution of its fiduciary duties. What is a strategic disadvantage of being a first mover? Later strategy perspectives question these normative. Question text Curate information, and then curate it again, 6. are some characteristics that contribute to these traits. Not answered The correct answer is: Ones ability to be flexible and think strategically. Skilled employees By influencing what happens between board meetings, CEOs have the opportunity to curate and even cocreate the full board experience. We all know that of course, but aspects of the why, what and how of board engagement in strategy are still contested in theory and practice. To have Boards participate in the strategy process, and not merely approve a finished product. Eventually, some conclusions are drawn. a. a duty to keep proper accounting records He outlines the processes leading to management-board involvement in funding strategies (not projects) and in determining direction. Document the process for the next change project. Audit trails and reports are also introduced to review and investigate actions and decisions made to trace and account for specific people. particularly be interested in ______________. 4EG"t.yWmj21qdCCcQdj[`eP!2)H5m%ZAw8Fcj?fW}pi#i'_"avnPmq-NYeF @,SY3vx#B-6l]-Og(-3V t"IP. The correct answer is: business model d. covering director I tell my team to let me know, you dont have to do a dry run with me. Not answered Marketing management 0000001383 00000 n tE}+mPE:n^mRD3y[* !W3!Lt`IdJ!^;L|tg/sx>I(2'0 6 Ineffective strategy oversight by the board can contribute to regulatory and compliance issues, shareholder distress, and potentially a gap between the board and management with regard to objectives and definitions of success for the organization. The primary mission of a public company is to _________. They like to enforce the theme, We gotta let the CEO be the CEO. This sentiment was echoed by another director who said bluntly, Boards tend to be overly deferential to management. That deference, according to still another director, can become passivity, whereby boards defer to the CEOs judgment until its really not working., A third challenge is that boards may self-censor or otherwise fail to clearly communicate with the CEO, particularly if they anticipate a difficult conversation. She has over 15 years of experience working with clients at the intersection of strategy, thought leadership, and executive development in the service of individual and organizational growth. Capabilities are highly mobile across firms. strategies that result in above-average returns. We also have a board template that can assist your organization in coordinating responses to major incidents as they arise. Not flaggedFlag question Theyre here for eight days, were here for 365 days., A second challenge, as one experienced board director pointed out, is that when a board has a CEO whom they think is absolutely the right CEO, many members will not be spry about being used as strategic assets. What is needed for the oversight function of audit committees to be effective? Select one: Feedback Marked out of 1. Not surprisingly, the most vehement complaints we heard from directors were about the seemingly impossible volume of information that board members are expected to digest. Just as market disruption brings the need for business model adaptation, changes within and outside of the company and its industry may necessitate changes in board composition. Not answered While the individual who facilitates board meetings obviously plays a key role in managing tension, the mindset and posture of a CEO who clearly evinces comfort with discomfort, and even an appreciation of conflict, can be a subtle but powerful influence on the tenor of the conversation. Exceptional organizations are led by a purpose. With a strong partnership between the board and CEO, what at first may feel like difficult conversations can become revelatory dialogues, surfacing ideas and insights that might otherwise stay buried from a desire to smooth tension and maintain civility. One director we spoke with, for example, disliked emails from the CEO: If the CEO shoots an email, then everyone is reacting to the email. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Question 46 Feedback Additional Support for Learning Project Board. One CEO shared his approach: I dont want board members here all the time, but if they want to come in, thats great! endstream endobj 224 0 obj <>stream Banish ultra-technical terms. d. Strategies What. Feedback The board can influence cultur e through this choice of top . a. important information about an organizations specific resources and capabilities that affect the product category? That means the board and the CEO are in full agreement that the CEO is actually the COO. x= y,B". performance and risk management. a. internal auditing management Boards are in a unique position to pressure-test management's decision making, ensuring that the strategy is tailored to each business environment and continually probing key assumptions to make sure they remain valid. Accountability is an important element of an effective governance team. b. Compliance with law and regulations. c. market situation analysis One interviewee called the issue a red herring. It continues to bother me, he said, when people say you have to split the role. Members of the audit committee must be vigilant, effective, and informed. A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. Not flaggedFlag question Question 38 a. be hard for competing firms to duplicate. Corporate governance and the strategic management process When board actions reinforce these attitudes, it can strengthen the relationship and encourage honest communication. a. intensive growth 0000003813 00000 n Marked out of 1. Question 29 The correct answer is: risk of competitors imitating innovations c. Business We've compiled a list of 5 effective board management strategies to help your board succeed. organizational success? Question text Tactics He wished for some clarity and consistency. c. Economies of scale As a generic system, it is applicable to the governing body of . b. 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