Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. Please see www.deloitte.com/about to learn more about our global network of member firms. Differences in resources and capabilities are the basis of competitive advantage. ________ are what you want to accomplish with a strategic plan. CEOs should also remember that, in a strategic conversation, boards will not always be able to resolve conflicts by arriving at compelling answers or comprehensive solutions. In such cases, it can be more important to agree on well-defined actions. The correct answer is: Business b. Tactical Not answered Its important that no board member is left out of the information-sharing process. CEOs can also cultivate transparency in the expectations they set for interactions between the board and the rest of the management team. endstream endobj 36 0 obj<> endobj 37 0 obj<> endobj 38 0 obj<>/Font<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 39 0 obj<> endobj 40 0 obj<> endobj 41 0 obj<> endobj 42 0 obj<> endobj 43 0 obj<> endobj 44 0 obj<> endobj 45 0 obj<> endobj 46 0 obj<> endobj 47 0 obj<>stream Select one: The correct answer is: Actively and favorably doing business with the company. The aims of the Strategic Management Board are: To ensure that the mechanisms and processes established for the production, maintenance and implementation of competence standard criteria, follow due process. On other of his boards, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. Question 29 This doesnt necessarily mean interacting with the board or a board committee as a group. See Terms of Use for more information. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. d. competitive model. management implementation of board strategies and the board serving. d. internal/external analysis 1. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: a. Certifying board.b. If the board is already more engaged, it may be beneficial to work with another individual, such as the boards chair or lead independent director, who can facilitate and intermediate strategic conversations to even greater effect. By practicing "self-activism" challenging assumptions, offering counterarguments, and closely monitoring execution boards can help develop a strategy to succeed in the modern age. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. 0000004821 00000 n Business acumen. The Board's Relationship with Management It's in the board's best interest to develop good working relationships with managers. Many directors also spoke enthusiastically about education being a part of their board experience, whether in the form of conferences, speakers, or creative learning opportunities that CEOs and their management teams develop for their boards. Select one: Marked out of 1. Select one: 1. CEOs can start simply by communicating their wish for open and transparent dialogue to the board. c. strategic management, Not answered You have the same financial information. Feedback Manage Efficiently: From planning and meetings to policies and evaluations, board management software can help you keep your governance team running smoothly. Which analysis in the marketing planning process looks at the companys history, products, and The correct answer is: the internal environment Not answered At the end of the day, then, it is incumbent on CEOs to take the lead in cultivating the shift to a strategic board. c. the external environment The plan typically sets goals and charts a course over a period of several years and is reviewable at intervals established at the outset. Its been refreshing for the board. Question text View in article, Benjamin Finzi, Mark Lipton, and Vincent Firth, Can CEOs be un-disruptable? First, at the start of the process, the CEO should seek the boards input on the challenges that the board thinks the strategy should address. b. missions Meanwhile, the world around them is in constant motion. The correct answer is: Ones ability to be flexible and think strategically. This phase of strategy development can involve the allocation of funds, acquisitions, and divestitures. If it doesnt, its members should be fired or choose to resign. The correct answer is: first mover Question 12 &-C0Npby{62uU6 must carefully plan for and identify strategies to mitigate cyber-related risks. Studies of the factors that contribute to organizational performance have shown _____________ Tactics Getting the board engaged is going to pay off down the road.. And even if there is not total agreement, the CEO can incorporate the boards areas of concern from the very beginning of the process. a. Not answered Marked out of 1. What. Just as market disruption brings the need for business model adaptation, changes within and outside of the company and its industry may necessitate changes in board composition. Certain services may not be available to attest clients under the rules and regulations of public accounting. Question text If we could offer only one piece of advice, it would be to strive for open communication among board members and between the board and management. Participation on a board is too often thought about as merely a series of board meetings. Question text Question 16 It has come from two schools of thought. The first organization to bring a product or service to market is often referred to as the It was called the UPS box. In one directors words: I have seen repeatedly, in both my CEO career and in my board career, that boards really struggle with giving candid feedback to the CEO. HTKo0Wh-]!CTmOa,p(W.9UmAb&ceP.%,s@4y6PO`#|wPL/} >W=j7!_c#n|v6:}E6kUK)]VkvbNS@*V.x"s#_\F4W)0;I7\0g(miR v`Ll 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. different customer opportunities. c. Strengths, d. Opportunities Using this influence, CEOs can set the tone for the relationship between the board and management, establish the tenor of dialogue, set standards for communication, play a role in defining expectations for board composition and education, and more. b. time pressures involved in serving the customer Not flaggedFlag question . One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. I tell my team to let me know, you dont have to do a dry run with me. a. strategies This study analyzes board leadership from a team production perspective as an antecedent to board strategy involvement in small firms. Feedback a. strategic management model 6. All of the following are assumptions of the resource-based model EXCEPT Resources to implement strategies are firm-specific and attached to firms over the long-term. Not flaggedFlag question 0000001383 00000 n Marked out of 1. In 2016, 2017, and 2018, Bujno was recognized by NACD Directorship Magazine as one of the top 100 influential professionals in corporate governance and in the boardroom. Feedback Not flaggedFlag question b. Marked out of 1. In the old days, there was a limit. Indeed, several interviewees highlighted the common predicament of boards going stale with regard to the needs of the company, not least because of the difficulty in getting people off boards. There is sometimes a lack of refreshment, which leads directors to feel that their service is a lifetime appointment and results in a board full of people who are smart, but have finance experience from the 60s., While it is the nominating/governance committees responsibility to recruit board members, CEOs should not be shy about proactively and strongly signaling what specific capabilities are required of a board that is truly qualified to weigh in on matters of current and future strategy. Not flaggedFlag question 3. Members of the audit committee must be vigilant, effective, and informed. I have holistic professional exposure with a proven track record of excellence and . independent of management is the: Management from York University, United Kingdom, and a Brevet de Technicien Suprieur (BTS) in Computer Sciences from the Department of Computer Sciences of La Plaine Monceau, cole Technique . 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. It's very natural to start to speak to [only] one, two, or three people. b. %PDF-1.5 % b. a slow start at forming customer relationships and customer loyalty Not flaggedFlag question One interviewee called the issue a red herring. It continues to bother me, he said, when people say you have to split the role. Constructive tension may even be necessary to bring the best out of a boardto drive higher-quality dialogue, and therefore higher-quality outcomes. A MIHRM, MKIM, SHRM Certified HR Business Partner with a successful background spanning over 11 years and extensive exposure as a Strategic Organization Development Consultant, Talent Architect, Performance Management expert and International consultant working on both international and local assignments. To respond effectively and provide value delivery, the company requires ________ to integrate c. market situation analysis They can also model how they want to communicate in the way they share both good and bad news (without hyping or downplaying), and in the way they ask questions and listen. c. Segregation of duties. Select one: d. leader emergence A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. You would need a really strong lead [independent director] to counterbalance. Not flaggedFlag question c. Motives Question text Select one: In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. Marked out of 1. . Our recommendation to take advantage of tension can feel counterintuitive to both CEOs and boards. a. When tension is felt but not transparently addressed, for instance, the action that results from it can be flawed. For example, if a board is divided over the need for a particular capital investment, identifying and naming the tension can clear the path toward identifying the underlying beliefs and assumptions in play, discussing what data is required to test them, and then deciding when and how to get that data. Not answered, Select one: Moreover, a board can, should, and usually does have a strong role in implementing a company's strategy by, for example, reviewing and approving its implementation plans, signing off on large capital expenditures it calls for, and making connections through their networks to support it. Eighty-four percent of boards do not believe their organizations have a highly effective risk management strategy and 55% of board members identified that risk management often struggles to keep pace with changes in business strategy. Not answered Select one: The founder and former leader of New York's Deloitte Greenhouse Experience, he has designed and facilitated hundreds of immersive lab experiences for CEOs and their leadership teams where he combined principles of business strategy with behavioral science and design thinking to address clients challenges. Who better than the CEO to help identify what those specific skill sets (and mindsets) areand to anticipate what they should be in the future? Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The correct answer is: Skilled employees b. Not flaggedFlag question 12. c. It is the first step in the strategic management process. the Competition and Markets Authority's report into the children's social care market. On some of my friends boards, the prevailing view is that strategy is their job and they insist on having board strategy retreats during which they set strategy. Previously a senior member of Monitor Deloittes Strategy practice and a co-founder and president of a private equity-backed 300-person telecommunications provider,Benjamin has been focused for more than 20 years on researching and understanding how companies succeed in disruptive markets. Operating board. Before delving into logistics, cultural preparation must first take place to achieve the best business outcome. 0000006811 00000 n directorship At the same time, too much self-confidence without a corresponding amount of self-awareness can be just as great a barrier: CEOs who think they are Gods gift to the business world are not great listeners, grumbled one director. The correct answer is: It is an objective more appropriate for a marketing plan. need or want. Policy Governance, an integrated board leadership paradigm created by Dr. John Carver, is a groundbreaking model of governance designed to empower boards of directors to fulfill their obligation of accountability for the organizations they govern. Theyre here for eight days, were here for 365 days., A second challenge, as one experienced board director pointed out, is that when a board has a CEO whom they think is absolutely the right CEO, many members will not be spry about being used as strategic assets. 220 0 obj <>stream Market-penetration, product-development, and market-development strategies would all be Are you getting the right information? @g CEOs can convey their openness and humility to the board in many ways, but it requires the courage to be willing to engage in an authentic exchange. Strategies to optimize board collaboration. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. The correct answer is: Core competencies Question text With that in mind, the directors we spoke with exhorted CEOs to be fearlessly open and transparent. It is an objective more appropriate for a marketing plan. Question 23 Boards are in a unique position to pressure-test management's decision making, ensuring that the strategy is tailored to each business environment and continually probing key assumptions to make sure they remain valid. 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. Not answered <br><br>Most recent accomplishment is serving on the exec team of a new challenger bank, to build the company from the ground up, gaining a banking licence in December 2019 and launching during 2020 . 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. Clearly, this has echoes of the one extreme end laid out above: coming to the board with a fully baked strategy. Identify the issues on which successful implementation of strategy depends. Process development strategies seek to achieve a competitive advantage by _____________. 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. The correct answer is: Top c. Business What is a strategic design for how a company intends to profit from its strategies, work processes, A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. 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 A lot of the thinking and views that get shaped are ultimately the result of conversations in between meetings, observed one interviewee. Management's implementation of board strategies and the board serving as the key decision maker are best associated with: Certifying board. Build a change implementation plan. Furthermore, directors can use their role to monitor the execution of the strategy and ensure that it is carried out properly. 0000006777 00000 n b. dormant director Ratification of management decisions and minimal liability defines which best practices board structure? The Policy Governance Model. Time taken 1 min 24 secs What is the proper role of a board with respect to company strategy? Managements implementation of board strategies and the board serving as the. Question text 0000009192 00000 n Feedback Prior to joining Deloitte, Vincent was a senior partner at Monitor Group where he co-led the global leadership & organization practice. Marked out of 1. Not flaggedFlag question a. 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. Its just not that way.. community activists, funding bodies, etc) Be honest about our shortcomings. The question: What is the proper role of a board with respect to company strategy? View PDF. Strategy as planning: In this perspective, strategy serves to establish the organisational vision/mission/values and purpose. Many directors emphasized that CEOs need to interact with board members between meetings. As a co-leader of Deloittes Chief Executive Program, Vincent supports the success of CEOs and business leaders throughout their career. b. Evaluate a CEO on the quality and execution of the company's strategy, its culture, and the strength of its management team, not just on near-term financial performance. But that's not informing the board; that's informing individuals. You would think that all of these high-powered people that sit on boards could deliver bad news. It's very easy for a CEO and a CEO's management team to fall into a routine of information preparation that is always the same in its nature, cautioned one director. Feedback c. trailblazer They can even encourage the board to develop strategic options that differ from the CEOs ownand give the board enough information, as well as sufficient time and space, to do so. a. Select one: Members. A platform for serving communities and building trust. Thats not always the case, said a corporate governance professor. The strategy focuses on the ambition that every horse bred to race should lead - and be seen to lead - "a life well-lived". 244 0 obj <<7f5d79293190543b64c64041c2251a88>]>>stream The correct answer is: leader emergence Describe the relationship that should exist between the audit committee and, 11. c. Passive board. Question text Not answered 35 25 Feedback organizational success? State Finished Question 24 . The board's role is to advise ministers on the implementation of reform across children's social care . that affect the product category? 2023. Developed a Technology Strategic Roadmap and identified $6 million of year-over-year savings through operational efficiencies and revenue growth. 10. That being the case, a CEO can help boards take a more strategic role by influencing what board members experience outside the boardroomfor both the full board and individual board members. a. Disinvesting or demanding a higher rate of return on their investment. Use the board portal.) And dont forget the power of simply picking up the phone. b. The board is also responsible for setting the organisation's strategic aims, providing the require leadership to put these strategic aims into effect, supervise the management of the. The right chairperson can be incredibly valuable for focusing on hotspots before they become hotspots. Where boards have over-dominant personality and culture issues, another director added, the source of the problem is usually a CEO/chair. Question 11 Select one: A key challenge for CEOs is how. The third and final step entails the CEO presenting the desired strategy choice to the board. Her role includes researching and providing insights that support the success of CEOs. Tony developed the following objective for his advertising plan: Increase market share in the Skilled employees c. Investing in the company at the lower desired rate of return of investment. A strategic plan is a road map, the primary purpose of which is to move a company from its present position to a point where the owners and CEO want to take it. c. prime director Background to supply Production and Cost, Interps Notes - Summary Interpretation of Statutes 202, Chapter 12 - Complete - Summary Law of Contract 202[4], Introduction To Micro-Economics Chapter 14, Assignment 2 - the principles of Ubuntu be applied in the criminal justice system to ensure, 11324279 Bentley Smith EUP1504 Assignment 8, Economics 5 MCQ CHAPTER 14 Test bank , with multiple choice questions and memorandum. HTn0+xZ,+6;t@|vPb%],~$ef$2)O>Tj1RDF'QF Today; Hold Yourself Accountable. Feedback a. a. integrated marketing (IM) PV:r1Is:a_. a. point-in-time analysis S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. 0000003247 00000 n c. reputation for being a follower Which of the following statements about. 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. d. Organizational The correct answer is: Does not have any other relationships with the company other than his or her 4EG"t.yWmj21qdCCcQdj[`eP!2)H5m%ZAw8Fcj?fW}pi#i'_"avnPmq-NYeF @,SY3vx#B-6l]-Og(-3V t"IP. The bulk of the work in implementing strategy is done at this stage. The correct answer is: intensive growth To be a CEO today is to have one of the most complex and demandingnot to mention visiblejobs in the world. Kathy Lu is a senior manager and founding member of Deloittes Chief Executive Program. Factsheet 3 - ts purpose is to protect the child's rights to develop his or her full cognitive, Richfield Graduate Institute of Technology. For an organization to successfully pursue and implement change, it must be prepared both logistically and culturally. Access Delivery Group. 'The central role of the board is to co-create and ultimately agree on the company's strategy' (Casal & Casper 2014). Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. Question text The correct answer is: a positive Active Scotland Development Group. The correct answer is: a fiduciary duty That is less bad but renders the board largely useless in strategy. Think about it very carefully. c. Passive board. a. risk of competitors imitating innovations Course Hero is not sponsored or endorsed by any college or university. endstream endobj 223 0 obj <>stream Not answered Feedback <]>> To be a core competency, a capability must satisfy all of the following criteria EXCEPT _________. The Implementation Board will take forward and build on Professor Crerar's governance proposals to establish a Strategic Board. 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