independent of management is the: @g It is important, when discussions grow heated, to accept and name the tension instead of avoiding it or, worse, allowing it to simmer and grow under the table. c. It is the first step in the strategic management process. Corporations run best when the board and senior management hold the same perspectives on strategy, priorities and risk management. Process development strategies seek to achieve a competitive advantage by _____________. 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. Think about it very carefully. Question text c. Motives Our recommendation to take advantage of tension can feel counterintuitive to both CEOs and boards. Question 16 The purpose of the implementation board is to have strategic oversight and provide support via a hybrid approach to successful and practical operational implementation of "Healthy Workforce. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board. d. It does not provide a percentage change. Her role includes researching and providing insights that support the success of CEOs. Marked out of 1. Not flaggedFlag question Given the weight of responsibility that rests on their shoulders, its no wonder that CEOs, when observed from a distance, are often depicted in near-heroic terms. Accountability is an important element of an effective governance team. d. Network management 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. c. Economies of scale Developed a Technology Strategic Roadmap and identified $6 million of year-over-year savings through operational efficiencies and revenue growth. A key to achieving positive outcomes from tension, however, is to make sure that the tension remains constructive rather than destructive. Marked out of 1. Question text Describe the relationship that should exist between the audit committee and, 11. c. Keep management happy 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). 0000001198 00000 n 7. d. Intervening board. Is the CEO naturally perceived as being open and receptive to differing viewpoints, or does the CEO have a domineering presence? Select one: The correct answer is: Capabilities are highly mobile across firms. What characteristics define a good director? To avoid this, just have a conversation about them at the start. When you are forced to think things through, you are better able to document as well as communicate the plan to team members, upper management, and get everyone on board. Later strategy perspectives question these normative. a. Boards and C-suites alike have an opportunity to recalibrate their risk framework to focus on a longer-term . Underscore that 20 times, said one director, who further explained that it was critical for a chair to serve as a release valve for the tensions that may build between the board and the CEO. Resources to implement strategies are firm-specific and attached to firms over the long-term. Select one: Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. b. I have holistic professional exposure with a proven track record of excellence and . Management from York University, United Kingdom, and a Brevet de Technicien Suprieur (BTS) in Computer Sciences from the Department of Computer Sciences of La Plaine Monceau, cole Technique . c. a fiduciary duty The Departmental Board provides direction on strategy, performance and risk management. Marked out of 1. d. The industry's structural characteristics have little impact on a firm's performance over time. The correct answer is: be technologically innovative. _______ allows the company to discover who its customers are, how they behave, and what they c. Passive board. a. point-in-time analysis But with the preceding steps, the board is in alignment with the challenges to be solved and has seen and provided advice on the range of possibilities from which the recommendation has been drawn. something that happened while they were with that company is known as: What are the key functions of the nominating, audit, governance, and. In case of the latter, the bar may be higher to justify the consolidation of roles. 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. Practically, this iterative process can be done in three simple steps. Benjamin, a managing director with Deloitte Consulting LLP, and a co-leader of Deloittes Chief Executive Program. Not flaggedFlag question Before delving into logistics, cultural preparation must first take place to achieve the best business outcome. Marked out of 1. d. certifying board - 20 years experience in financial planning and. must carefully plan for and identify strategies to mitigate cyber-related risks. An independent director is one who: Research Findings/Insights: Using survey data from 140 small firms in Norway collected in two different time periods, we demonstrate that leadership behaviors and processes have a greater impact on boards' strategy involvement than structural leadership . management implementation of board strategies and the board servingcabarrus county abc lottery management implementation of board strategies and the board serving. DTTL (also referred to as "Deloitte Global") does not provide services to clients. He outlines the processes leading to management-board involvement in funding strategies (not projects) and in determining direction. The authors are also grateful for the generous support of many colleagues, including Mark Lipton, Deb DeHaas, Bob Lamm, Junko Kaji, Virginie Henry, Caitlin Klein, Steve Jennings, Ambar Chowdhury, Ralph Judah, Mike Lemmons, Siddharth Bali, Rick Sanders, Heather McBride Leef, and the many partners who supported our research and outreach. The correct answer is: a fiduciary duty c. Chief compliance officer. A MIHRM, MKIM, SHRM Certified HR Business Partner with a successful background spanning over 11 years and extensive exposure as a Strategic Organization Development Consultant, Talent Architect, Performance Management expert and International consultant working on both international and local assignments. d. Chief executive officer. It is an objective more appropriate for a marketing plan. You would need a really strong lead [independent director] to counterbalance. Eighty-four percent of boards do not believe their organizations have a highly effective risk management strategy and 55% of board members identified that risk management often struggles to keep pace with changes in business strategy. The correct answer is: Compliance with law and regulations. . Question text Marked out of 1. Align with global business strategy . management, staff, volunteers) those who will be affected (e.g. Select one: Question 46 Facilitate the board experience, not just the board meeting, 5. b. An effective catalyzer, I work behind the scenes with an unwavering commitment to people and impact. Actively balancing tension with the need to maintain mutual respect, trust, and support with the board may be a new role for many CEOs. Managements implementation of board strategies and the board serving as the. and work activities? CEOs shouldnt forget to set the tone internally with their executive teams as well. You have the same financial information. Given how crucial this strategic relationship is, how can CEOs engage the board and derive the most value from their focused attention? d. The external environment is assumed to impose pressures and constraints that determine the c. business model c. Chief executive officer. Skill sets need to be thought of as a moving target, said a director. The correct answer is: Core competencies Self-awareness and/or the ability to gather reliable input from board members is critical for the CEO to be able to determine whether to assume or give up the chair role. 0000008064 00000 n Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. That means the board and the CEO are in full agreement that the CEO is actually the COO. Not answered DTTL and each of its member firms are legally separate and independent entities. A platform for serving communities and building trust. b. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board.b. She also serves as the governance liaison to several of Deloittes most significant and complex clients, and provides education to boards and audit committees. PV:r1Is:a_. %PDF-1.5 % a. Not flaggedFlag question Course Hero is not sponsored or endorsed by any college or university. 10. Marked out of 1. They can show boards they are interested in dialogue by the manner in which they respond to input and feedback, as well as how they give feedback to the board, both collectively and to individual board members. Read the case study Effective Board Governance with the Core Four. A friend who serves on a number of consequential public company boards came to my office not long ago to ask my opinion on something that had become a contentious issue across his boards. Not answered d. a positive c. Segregation of duties. b. market leader Curate information, and then curate it again, 6. 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. a. If not, what do you need? 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. Through the strategic management process, it allows the organization to formulate sets of decisions, actions and measures - collectively known as strategies - that are subsequently implemented in order to achieve organizational goals and objectives. d. a duty to propose high dividends for shareholders All of the following are assumptions of the resource-based model EXCEPT Mid-level Select one: As one interviewee put it, Diversity of thinking is not free. But tension in board interactions is not necessarily a bad thing. Adult Social Care: independent review. Select one: Which concept is a measurement that shows whether, in general, the costs of conducting the 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. 0000003247 00000 n Select one: Does not have outside relationships with other directors, b. The correct answer is: a basis to determine if the goals need to be changed Specifically, there is a widely shared belief that strategy formulation is fundamentally a management responsibility and that the role of the board should be confined to making sure that an appropriate strategic planning process is in place and the actual developmentand approvalof strategy is left to the . CEOs can convey their openness and humility to the board in many ways, but it requires the courage to be willing to engage in an authentic exchange. Question 43 In February 2020, the Welfare Board published its five-year strategic plan for the welfare of horses bred for racing. HUn0+x$1}K{`,6vB4MELH;;;M%JoVNY9 eREA*^xMq9JO+y "AdP@~o The board would discuss these issues for 45 minutes and change nothing, make no decision other than the management team should continue on its path. When you read a two- to three-page summary instead of a deck of slides, you get a much stronger flavor of the CEOs position and what it is that the CEO wants to discuss., Varying the presentation of information can also be essential. One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. Ive never seen it.. Question text The board has the responsibility of developing a governance system for the business. c. the external environment Meanwhile, the world around them is in constant motion. has been saved, Seven steps to a more strategic board And even if there is not total agreement, the CEO can incorporate the boards areas of concern from the very beginning of the process. HtSM WK1ROU{m!lLt^lD7mq_5e4y):`pke16}evdmRf)=~J!~_XDaX@bK:. These are often determined in combination with the CEO or general manager of the business. The meetings fall into a rhythm and a cadence. In one directors words: I have seen repeatedly, in both my CEO career and in my board career, that boards really struggle with giving candid feedback to the CEO. ________ are what you want to accomplish with a strategic plan. This paper provides practical guidance for boards, senior leaders and risk managers in the development and implementation of organization-specific cybersecurity measures, with a focus on the identification, mitigation and management of risks. Operating board. The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. management implementation of board strategies and the board serving. c. opportunities Certain services may not be available to attest clients under the rules and regulations of public accounting. Marked out of 1. management implementation of board strategies and the board serving. community activists, funding bodies, etc) Board structures may differ among family-owned SMEs. 12. single family of software modules. Organizational decision makers are rational and committed to acting in the firm's best interests. Marked out of 1. Feedback To be a core competency, a capability must satisfy all of the following criteria EXCEPT _________. ________________ are the organizations major value-creating skills, capabilities, and resources that Whether or not CEOs can count on their boards for strategic insight hinges in large part on having the right people on the board. Social login not available on Microsoft Edge browser at this time. Question 3 You could only [process] 50 pages, not 500. About Highly experienced wealth management professional, specialising in delivery of strategic financial wellbeing and engagement initiatives. Done right, this step can provide exceedingly helpful input to the process of coming to a strategy recommendation to the board. endstream endobj Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. 6. %PDF-1.4 % The aims of the Strategic Management Board are: To ensure that the mechanisms and processes established for the production, maintenance and implementation of competence standard criteria, follow due process. d. leader emergence Select one: Theres a huge information asymmetry, one chair-CEO said. Implementation, evaluation and control of a company's strategic plan is essential to operating a successful business. The goal is not realistic. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. The structure of a public companys board of directors is established by its: 10. 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. a. Time taken 1 min 24 secs Its not that we weren't looking for great people before, but now we look for people with specific skill sets that will help the CEO and [make the board a] strategic asset to the CEO.. As one director put it, The iPad is a wonderful invention.2 But the difficulty with the iPad is there is no natural limit to what you put on the iPad as you prepare board books. (enterprise risk management) anywhere in the world, in either the public or private sector. It can more easily make a great decision: either the CEO has taken the advice and come back with a better strategy still, or the CEO has failed to take the advice and come up with something uncompelling. Feedback 220 0 obj <>stream The correct answer is: first mover startxref For CEOs, the board of the future is strategic, 4. To respond effectively and provide value delivery, the company requires ________ to integrate Not flaggedFlag question Disagreement is inevitable. An open spirit is what allows for a productive conversation. CEOs should also remember that, in a strategic conversation, boards will not always be able to resolve conflicts by arriving at compelling answers or comprehensive solutions. In such cases, it can be more important to agree on well-defined actions. d. One who has answers for all situations? It's the same, the same, the same. Feedback I tell my team to let me know, you dont have to do a dry run with me. A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. c. Investing in the company at the lower desired rate of return of investment. Previously a senior member of Monitor Deloittes Strategy practice and a co-founder and president of a private equity-backed 300-person telecommunications provider,Benjamin has been focused for more than 20 years on researching and understanding how companies succeed in disruptive markets. HTKo0Wh-]!CTmOa,p(W.9UmAb&ceP.%,s@4y6PO`#|wPL/} >W=j7!_c#n|v6:}E6kUK)]VkvbNS@*V.x"s#_\F4W)0;I7\0g(miR v`Ll Question 4 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. c. concentric 0000011861 00000 n They can resist the urge to present only fully formed strategies, and instead mobilize the board around ideas that might still only be half-baked. Feedback learn mor, CA TEST 2 Semester 1 RE- Assessment Timetable, 300+ REAL TIME JAVA Multiple Choice Questions and Answers MCQs, University of the Witwatersrand, Johannesburg, Digestion, endocrinology and reproductive systems (FLG 222), Academic literacy for Economic and Management Sciences (ALL 124), Financial Accounting for companies (HFAC231-1), Bachelor of Arts in Communication Sciences (98051), Law of Succession and Administration of Estates (LPS321E), Mathematics for Natural Sciences (MATH150), Alternative Dispute Resolution 431 (ADR431), Collective Bargaining and Collective Labour Law 503 (JMLV503), Purchasin and Supply management Summary ch, Module 9. Question 30 A key challenge for CEOs is how. Not answered The days of boards being a collection of the CEOs best friends are behind us. has been removed, An Article Titled Seven steps to a more strategic board Train your staff on how to manage change for next time. Eventually, some conclusions are drawn. Some firms may have a (formal or informal) dual board arrangement, with an operations board and a separate advisory board addressing more strategic issues or representing wider family interests. For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. What is a strategic design for how a company intends to profit from its strategies, work processes, The role of the CEO exists at the intersection of the external environment and the internal organization. 1. Most disconnects that I have witnessed developing between boards and CEOs are the product of the CEOs strategy attempting to address problems other than the ones that board thinks are most critical. b. Capabilities are highly mobile across firms. A strategic planning process identifies strategies that will best enable a nonprofit to advance its mission. I tell my team to let me know, you dont have to do a dry run with.... 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Their focused attention in full agreement that the tension remains constructive rather than destructive processes leading management-board! Community activists, funding bodies, etc ) board structures may differ among SMEs.