Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. 0000006811 00000 n Question 18 _______ allows the company to discover who its customers are, how they behave, and what they Not answered That means the board and the CEO are in full agreement that the CEO is actually the COO. For instance, one CEO told us that, instead of slides, he now writes short white papers up to three pages long when he requires the boards perspective on a topic. %%EOF d. The external environment is assumed to impose pressures and constraints that determine the a. competitive parity. The boards cultural context shifts from a focus on power dynamics to what is good for the organization. Not answered With a strong partnership between the board and CEO, what at first may feel like difficult conversations can become revelatory dialogues, surfacing ideas and insights that might otherwise stay buried from a desire to smooth tension and maintain civility. Strategic Management Page-179 Lesson-1: Strategy Implementation: The Basic Issues Learning Objectives: After studying this lesson, you should be able to: Understand the importance of strategy implementation vis--vis strategy formulation. Question text Whether or not CEOs can count on their boards for strategic insight hinges in large part on having the right people on the board. List any two functions of following committees: 9. The board would discuss these issues for 45 minutes and change nothing, make no decision other than the management team should continue on its path. 0000008690 00000 n endstream endobj Question text The chairperson of the board of directors and CEO should be leaders with: a. | EY - Global Trending 8 transformative actions to take in 2023 16 Dec 2022 Consulting How can slowing climate change accelerate your financial performance? Question text Feedback Above all, this piece was made possible by the CEOs and board chairs, directors, scholars, and advisers who shared so much of their time, observations, and insights with us. A board that is elected in a classified system is known as a: 13. Board of directors. Today; Question text Organizational decision makers are rational and committed to acting in the firm's best interests. b. b. improving on existing technology You could only [process] 50 pages, not 500. 21. Investment Analysis and Portfolio Management Fundamentals of Business Management Fluid Mechanics Database Systems: Design Implementation and Management Social Psychology understanding macroeconomics SILKE: South African Income Tax Notes on Directing Digital Fundamentals Strategic Management The Law of Contract in South Africa Economie/Economics Q:@,qE : ~I}PTo`DW6'a+JSrh/P|%=8?h0UJB_htI'e('zF%)rpD$u*d]@hEvjx$ r6#>$YHxa4:) 3CT=-W7oTPgM6%*+m '4Ky).3r- thUi24.fbX :N.}%|Z4'|8> dx.&N'd)r5MC=\uI#%{4RNhVf>MoM),02Y87f[aMG8=&AZs;68%[ rk Best Practices in Using Board Management Software for Maximum ESG Impact The correct answer is: return-on-investment (ROI) Question 36 Question text A fearlessly transparent CEO can have conversations with members of the nominating committee and the chair or independent director that address essential board capacitiesand identify which ones are missing. In reality, the board experience outside the formal board sessions is equally importantor even more so, as some of our interviewees believed. The Departmental Board provides direction on strategy, performance and risk management. Additional Support for Learning Implementation Group. What is needed for the oversight function of audit committees to be effective? She also serves as the governance liaison to several of Deloittes most significant and complex clients, and provides education to boards and audit committees. The others lay at varying points in between. The days of boards being a collection of the CEOs best friends are behind us. One thing to make sure of is that we don't fall into a routine and cadence that takes away from the need to look into the future. Consider ways to change it up as an antidote to complacency., Perhaps most importantly, many CEOs touted the value of asking explicitly for feedback, through the lead director or chair if necessary, after every session: Whats working? Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. has been saved, Seven steps to a more strategic board This 2-day Board Strategy & Risk Management Programme is a core module designed to explore the role of the Board in strategy setting and implementation in order to meet its goals whilst responding to changes in its environment. Facilitate the board experience, not just the board meeting, 5. Not answered 218 0 obj <> endobj For an organization to successfully pursue and implement change, it must be prepared both logistically and culturally. Its not that we weren't looking for great people before, but now we look for people with specific skill sets that will help the CEO and [make the board a] strategic asset to the CEO.. Not flaggedFlag question Most disconnects that I have witnessed developing between boards and CEOs are the product of the CEOs strategy attempting to address problems other than the ones that board thinks are most critical. Not answered The correct answer is: It is an objective more appropriate for a marketing plan. The third and final step entails the CEO presenting the desired strategy choice to the board. 0000001526 00000 n Accountability is an important element of an effective governance team. a. lead director b. Realigned the support of 1,400 mobile devices. The correct answer is: Create sustainable and enduring corporate value The correct answer is: market situation analysis objective and independent of management is the: Which of the following can be diversification classifications? Select one: Board Engagement. c. be without good substitutes. Through the strategic management process, it allows the organization to formulate sets of decisions, actions and measures - collectively known as strategies - that are subsequently implemented in order to achieve organizational goals and objectives. Marked out of 1. Simply select text and choose how to share it: Seven steps to a more strategic board Train your staff on how to manage change for next time. c. Strategic management. The right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. trailer Implementing and monitoring results and appropriate corrective action. Objectives For CEOs, the board of the future is strategic, 4. Lorsch (1995, January-February). 2023. Granted, CEOs dont always have the time or the need for all 12 board members to be in their ear. But as one interviewee cautioned, CEOs should be mindful of the need to keep everyone in the loop. 2 Nov 2022 Sustainability How to shift strategy for a new geostrategic era in 2023 13 Dec 2022 Geostrategy b. The strategy focuses on the ambition that every horse bred to race should lead - and be seen to lead - "a life well-lived". 6. 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. c. leadership ability Copy a customized link that shows your highlighted text. Beyond the scope of their business, CEOs and the organizations they lead have increasingly significant and more transparent influence at multiple levelssocietal, cultural, environmental, politicalaffecting vast numbers of stakeholders, including shareholders, employees, customers, and citizens. Select one: Mid-level d. Organizational Question text examples of ________ strategies. The goal is not realistic. Question 32 What about the other extreme where the board simply declares yea or nay to the CEOs strategy? Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. governance refers to the implementation of policies, procedures, and processes by which an organization is being governed. Certain services may not be available to attest clients under the rules and regulations of public accounting. We've compiled a list of 5 effective board management strategies to help your board succeed. 0000002073 00000 n Question 43 Select one: xb```V~20p``h`8{Jw[`U--~:&"Syg}]_{:+*@j:|% lP 7+EpLNKv'fX@!59@ 2|?0 A Not flaggedFlag question Not flaggedFlag question d. certifying board It will be apparent that the board's role can and should differ dramatically in these four development phases. Not answered Additional Support for Learning Project Board. c. concentric 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). Marked out of 1. a. be hard for competing firms to duplicate. a. operating board 1. b. internal resource management Select one: By practicing "self-activism" challenging assumptions, offering counterarguments, and closely monitoring execution boards can help develop a strategy to succeed in the modern age. The third step in strategic management is related to analysis of ____________. _____________. Select one: Marked out of 1. 220 0 obj <>stream Here are seven pieces of advice drawn from our research. b. has been removed, An Article Titled Seven steps to a more strategic board Its also not surprising that CEOs, when engaged in more intimate conversations about their role, are often keenly interested in finding help to validate their models of the business environment and to develop their vision of the future. - 20 years experience in financial planning and. Why todays best leaders are flexible, not steadfast, Deloitte Insights, October 17, 2017. Feedback The primary mission of a public company is to _________. Marked out of 1. With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. See how we connect, collaborate, and drive impact across various locations. Nadler (2004). b. a duty of care The board has a strategic function in providing the vision, mission and goals of the organization. Market-penetration, product-development, and market-development strategies would all be The correct answer is: Business learn mor, CA TEST 2 Semester 1 RE- Assessment Timetable, 300+ REAL TIME JAVA Multiple Choice Questions and Answers MCQs, University of the Witwatersrand, Johannesburg, Digestion, endocrinology and reproductive systems (FLG 222), Academic literacy for Economic and Management Sciences (ALL 124), Financial Accounting for companies (HFAC231-1), Bachelor of Arts in Communication Sciences (98051), Law of Succession and Administration of Estates (LPS321E), Mathematics for Natural Sciences (MATH150), Alternative Dispute Resolution 431 (ADR431), Collective Bargaining and Collective Labour Law 503 (JMLV503), Purchasin and Supply management Summary ch, Module 9. Select one: c. integrated marketing communications (IMC) 0000011861 00000 n Question text The board should provide broad guidance to management on the overall direction of the organisation and its strategic priorities. c. a fiduciary duty Implementation, evaluation and control of a company's strategic plan is essential to operating a successful business. As a generic system, it is applicable to the governing body of . Feedback A friend who serves on a number of consequential public company boards came to my office not long ago to ask my opinion on something that had become a contentious issue across his boards. Directors may feel the strategy needs to address the emergence of new competitors, the slowing of growth, technology disruption, or an increasingly bloated cost structure. Question 5, Select one: Marked out of 1. Marked out of 1. d. Create sustainable and enduring corporate value Not answered, Select one: One possible answer lies in the recognition that CEOs also have bosses: the boards who hire them, evaluate them, set their pay, and sometimes fire them. If a researcher is studying the characteristics of individuals who become leaders, he or she would A compliance culture can be promoted through the establishment of a centralised __________. Getting the board engaged is going to pay off down the road.. Ive never seen it.. In the first step of strategic management, identifying the current strategies and goals provides Its been refreshing for the board. Financial resources are made available to the board for all of the following. Not answered, Select one: d. goals Select one: Not flaggedFlag question Provides Clarity. Question 46 The correct answer is: Actively and favorably doing business with the company. Not answered Question text Remain idle and complacent with current performance The board of directors' most important function is to approve . a. a duty to keep proper accounting records Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. The correct answer is: operating board Question text Marked out of 1. Not answered All of the following are assumptions of the industrial organization (I/O) model EXCEPT CEOs can start simply by communicating their wish for open and transparent dialogue to the board. Passive board. Chief compliance officer. It was called the UPS box. b. strategic model W=QBjP+AN l?h3D>:LRd),m-k9[VVVE*m 0000000796 00000 n For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. b. no The correct answer is: Chief compliance officer. Feedback are some characteristics that contribute to these traits. Marked out of 1. 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