Boards are making a lot of choices — and the number is only getting greater. These are decisions with high-stakes, a lot of uncertainty and are generally not the kind of thing you may delegate.
Suzanne Nimocks: I believe it is very important intended for the board to have a sturdy decision-making procedure that allows these to do the job they are simply paid to try and help management teams make good decisions. A good procedure will include stuff like challenging the assumptions, software to improve board management decision making playing devil’s advocate and helping management put together alternatives. It will also incorporate tips for avoiding groupthink (eg idea, Six Pondering Hats, Disney Planning Technique etc).
This is helped with the application of tools including RACI, as well as the board might have a formal method to decide which usually issues are appropriate for its type. It might also use the output from a board retreat or the operate of committees that have been requested with particular decisions, to make certain that the decision is at the decided risk cravings and has become informed by all the advice it has received.
Leigh Weiss: I do believe the key is to consider a step back again from the particular decision you are facing and consider, on one hand, the scope of the potential impact (what’s at risk) and, however, the level of certainty about whether it will arise. This helps you prioritize where to spend time and ensure that the panel is making a superior quality decision based upon the best details offered.