“How do we increase our board’s effectiveness in strategy and risk discussions?”
I am often asked to provide insights and ideas to this question. Here are a few ideas:
1. Identify Training Needs
Conduct a review of the board’s risk management skills and relevant industry experience. If deficiencies exist, schedule industry or risk-management training.
2. Review Key Assumptions
List all the key assumptions implicit in the company’s strategy and revisit them on a set schedule.
3. Assign a “Devil’s Advocate”
Appoint one director to the role of “devil’s advocate” during board discussions on strategy, constructively challenging assumptions, plans, forecasts, and more. Assign a different director to this role each time strategy is on the agenda.
What ideas would you add to this list? Share them in the comments below!
Tracy Houston
Tracy E. Houston, M.A., is the president of Board Resources Services, LLC. She is a refined specialist in board consulting and executive coaching with a heartfelt passion for rethinking performance, teams and the boardroom. Her company, Board Resource Services, LLC, is online at www.eboardmember.com and www.eboardguru.com. You can follow Tracy on Twitter @BoardGuru. Headquartered in the Denver, Colorado area, Tracy is an avid hiker.
Follow Me:
