Boards are making a lot of choices — as well as the number is merely getting bigger. These are decisions with high stakes, a lot of uncertainty and are generally not the kind of thing you may delegate.
Suzanne Nimocks: I think it is very important just for the aboard to have a solid decision-making process that allows those to do the job they are paid to do and help administration teams produce good decisions. A good procedure will include things like challenging the assumptions, playing devil’s advocate and helping management formulate alternatives. It will likewise incorporate tips for avoiding groupthink (eg idea, Six Pondering Hats, Disney Planning Technique etc).
This is often helped with the application of tools just like RACI, as well as the board might have a formal procedure to decide which issues work for its insight. It might also use the output from a board retreat or the function of committees that have been requested with specific decisions, to make sure that the decision is within the arranged risk urge for food and may be informed https://boardmeetingtool.net by all the advice they have received.
Leigh Weiss: I believe the key is for taking a step back again from the specific decision you are facing and consider, on one hand, the scope of the potential impact (what’s at risk) and, however, the level of assurance about whether it will arise. This helps you prioritize the best places to spend time and ensure that the aboard is making a superior quality decision based on the best data obtainable.