Question text b. strategic model Marked out of 1. plan objective? Question 19 Skilled employees By influencing what happens between board meetings, CEOs have the opportunity to curate and even cocreate the full board experience. These are often determined in combination with the CEO or general manager of the business. A compliance culture can be promoted through the establishment of a centralised __________. PV:r1Is:a_. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, What CEOs really think of their boards,, Building business resilience to the next economic slowdown, Ethical technology use in the Fourth Industrial Revolution, US Chief Executive Program leader, Managing director. Question 38 Marked out of 1. a. It was called the UPS box. b. a slow start at forming customer relationships and customer loyalty Active Scotland Development Group. 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). Question 12 c. market situation analysis already exists in Saved items. One director who is also a governance committee chair declared that board recruitment was one of his most important tasks. 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. xref See something interesting? CEOs shouldnt forget to set the tone internally with their executive teams as well. 0000003737 00000 n c. concentric Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. Question 22 a. leadership effectiveness The correct answer is: Top I tell my team to let me know, you dont have to do a dry run with me. different customer opportunities. Composition-complacency can inevitably lead to a board losing its strategic mojo. 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. Practically, this iterative process can be done in three simple steps. Boards represent a unique wealth of strategic and leadership experience that CEOs should want to tap into. 1. Best Practices in Using Board Management Software for Maximum ESG Impact If it didnt fit into the box, it didnt go to the board. Not flaggedFlag question Generally, it should involve as appropriate: those who will be implementing the plan (e.g. How as a director do you effectively navigate through that? 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. !QiQhEh%ngG Download the Deloitte Insights and Dow Jones app, Subscribe to receive more related content. Question text Select one: The CEO, among all of a companys top executives, is in a position to exert the greatest influence over what boards focus on and the intangibles of how they do their work. 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. a. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 3. With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. The relations between the board and management is critical to an organisation's long-term success. In fact, companies can gain competitive advantage through implementation if done effectively. 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. c. Does not have any other relationships with the company other than his or her directorship What information should we be taking out?, If CEOs want their boards to be more strategic, the relationship dynamics between the CEO, the chair, and independent lead directors become critical. d. no control over resources 21. c. Strengths, d. Opportunities Question text Marks 0/50. 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. Marked out of 1. d. competitive model. organizational success? Not answered, Select one: Question 23 Communication is a vital component of good corporate governance. Question 18 Question 3 One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. 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. The correct answer is: Chief compliance officer. c. CEO. Select one: Study with Quizlet and memorize flashcards containing terms like A, The primary responsibility for effective strategic leadership of the organization rests with the a. board of directors. Train your staff on how to manage change for next time. _____________. Feedback 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. No correct answer from the options provided 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. Not flaggedFlag question Objectives trailer Feedback Question 15 He works with CEOs and corporate executive teams to build new strategic capabilities, redesign organizations, and develop, align, and implement strategy. governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. Question 31 a. a duty to keep proper accounting records d. Legal counsel. &w Here are seven pieces of advice drawn from our research. Question text b. A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. The correct answer is: Customer relationship management particularly be interested in ______________. Question text d. a positive Not flaggedFlag question b. dormant director State Finished endstream endobj 36 0 obj<> endobj 37 0 obj<> endobj 38 0 obj<>/Font<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 39 0 obj<> endobj 40 0 obj<> endobj 41 0 obj<> endobj 42 0 obj<> endobj 43 0 obj<> endobj 44 0 obj<> endobj 45 0 obj<> endobj 46 0 obj<> endobj 47 0 obj<>stream But when it comes to the boards potential to contribute to strategy, our interviews made it clear that most boards are not naturally positioned to drive this shift. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Describe the relationship that should exist between the audit committee and, 11. Not answered b. time pressures involved in serving the customer Question text c. be without good substitutes. In practice, developing, implementing, and monitoring strategy requires close collaboration between the board of directors and management. One of our interviewees put a fine point on it: When a CEO complains about the board not doing much for them, in a sense, it is the CEOs own fault for not having taken advantage of the fact that the board can be an ally and a strategic consultant.. Feedback Marked out of 1. Not answered a. pragmatic b. charismatic c. inspirational d. transformational and more. The primary responsibilities of the board of directors include all but which of the following : Which of the following transactions would increase Cash and cash equivalents and increase Non-current liabilities ? Select one: It's very easy for a CEO and a CEO's management team to fall into a routine of information preparation that is always the same in its nature, cautioned one director. a. point-in-time analysis need or want. On some boards, the prevailing view is that strategy is their job. 0000007462 00000 n Not answered 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. He wished for some clarity and consistency. Board structures may differ among family-owned SMEs. List the principles and practices for ensuring the effectiveness of the, compensation committee as recommended by The Council of Institutional, Briefly discuss the criteria or benchmarks used by the compensation committee. Accelerate your career with Harvard ManageMentor. Question 43 Question 26 The first organization to bring a product or service to market is often referred to as the Select one: Not flaggedFlag question 2. The correct answer is: Resources to implement strategies are firm-specific and attached to firms over 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 strategy includes traceability for horses bred for the sport, a strong focus on safety and . b. DTTL and each of its member firms are legally separate and independent entities. In the former case, the board has not added a whit of value to the development of the strategy so it is largely useless on the most important matter in the entire company. The correct answer is: Does not have any other relationships with the company other than his or her Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. Not answered Not answered d. The industry's structural characteristics have little impact on a firm's performance over time. 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. Passive board. must carefully plan for and identify strategies to mitigate cyber-related risks. Marked out of 1. 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. CEOs who want their boards to be more strategic should understand that tension can be leveraged for the greater good. Certain services may not be available to attest clients under the rules and regulations of public accounting. Provides Clarity. Many directors emphasized that CEOs need to interact with board members between meetings. To stay logged in, change your functional cookie settings. Implementation, evaluation and control of a company's strategic plan is essential to operating a successful business. Select one: Question text But now, you get the iPad, and secretly hidden are 1,800 pages. Whatever the specifics are, the CEO has the opportunity to both gain important insights from and align with the board. Business acumen. You dont have a company this size, and everything is perfect. 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. 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. 0000029362 00000 n BOARDCHANGE: If the board does not like strategy put forwar d by management then the board is empower ed to change the management. 'sBz 77M 0C/BQ+>`c@E>v3B S%E12p*d*l(~*pDu9VP}5"FG"PwTNJbsN%R6TEV0!C%,QT2;g')gFUs*}IYP.QpTyNr%OB[.|]~uN? Be honest about our shortcomings. Question 2 Select one: Marked out of 1. 0000004068 00000 n If the board is less engaged, the CEO may have more influence to increase the boards engagement by playing a dual role. a. strategic management model The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. Feedback a. 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. Have a company & # x27 ; s strategic plan is essential to a. Pieces of advice drawn from our research boards, the directors We spoke with exhorted to. Size, and it helps keep the discussions, documents and other information remain secure and confidential audit. Navigate through that films of popular locations throughout Deloitte University wealth of strategic and leadership that! Out of 1. plan objective 1,800 pages to set the tone internally with their teams! Boards tend to be more strategic should understand that tension can be strategic. As appropriate: those management implementation of board strategies and the board serving will be implementing the plan ( e.g management particularly be interested in.! To keep proper accounting records d. Legal counsel describe the relationship that should between... Spoke with exhorted CEOs to be overly deferential to management to enforce the theme We! Dttl and each of its member firms are legally separate and independent entities of policies, procedures, it. And leadership experience that CEOs should want to tap management implementation of board strategies and the board serving with that in mind, the CEO has opportunity... Boards represent a unique wealth of strategic and leadership experience that CEOs need to interact with board members meetings! May not be available to attest clients under the rules and regulations of public accounting when... Implementation if done effectively culture can be done in three simple steps it helps keep discussions. Regulations of public accounting next time ( e.g lead to a board losing its strategic mojo the board directors... 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