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Boards decide to make a lot of decisions — and the number is only getting larger. These are decisions with high-stakes, a lot of uncertainty and are generally not the type of thing you can delegate.
Suzanne Nimocks: I do think it is very important with respect to the aboard to have a stable decision-making process that allows them to do the job they are really paid to accomplish and help control teams produce good decisions. A good process will include things such as challenging the assumptions, playing devil’s advocate and helping management develop alternatives. It will likewise incorporate tips for avoiding groupthink (eg thinking, Six Thinking Hats, Disney Planning Technique etc).
This is certainly helped with the application of tools including RACI, and the board could have a formal procedure to decide which usually issues work for its suggestions. It might utilize the output from a board escape or the operate of committees that have been requested with several decisions, to make certain that the decision is the arranged risk appetite and has become informed by each of the advice it includes received.
Leigh Weiss: I think the key is for taking a step rear from the certain decision you are facing and consider, on one hand, the scope https://boardmeetingtool.net/ of the potential impact (what’s at risk) and, however, the level of certainty about whether it will occur. This helps you prioritize where you should spend time and be sure that the panel is making a superior quality decision based upon the best details obtainable.
