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Shifting the focus: How to move beyond the numbers and into strategic finance conversations.
Finance is not just about figures, it's about understanding the reasons for variance and strategic implications for the company.
A Finance, Audit & Risk committee should focus on these conversations rather than the figures themselves, and provide strategic implications for board discussion.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Unlocking strategic advantage: The role of board-level risk management.
Risk management must start at the board level and involve a mindset of innovation to extract strategic advantage.
Senior executives must focus on major, endemic risks and work to control and mitigate them. Staff will follow suit with the right mindset in place.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Shifting the focus: How to move beyond the numbers and into strategic finance conversations.
Reframe risk management to focus on strategic opportunities, not just compliance.
Add language to policy to shift perspective on risk.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Setting clear boundaries: Our Risk Appetite Statement defines our limits.
A risk appetite statement clearly communicates to staff and board what risks the company is willing to take and what is off limits.
It helps focus attention on important areas like staff and client safety and potential opportunities for expansion.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Don't bore the board: Prioritizing key risks in your report.
When providing risk reports to the board, focus on the top three to five key risks and avoid overwhelming them with unnecessary detail.
Consider the board's role in making choices that shape the future and assess the culture of risk management within the board.
Implement key performance indicators for the CEO that reflect top risks and have success measures in place.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Rethinking risk: How to turn threats into opportunities.
Risk is often seen as negative, but it should be viewed as an ongoing conversation to understand how it can be turned to our advantage to achieve strategic goals.
Risk management standards define it as anything that impacts our ability to achieve goals, making it inherently strategic.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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The role of a Risk Committee in driving strategic decision making.
The Risk Committee helps identify and manage top risks while training the board to identify opportunities.
Ensuring accountability & incorporating strategic implications in board reports helps create a strategic environment.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Mastering the art of strategy: Three key elements for success.
There are three important elements in a long-term strategy: a vision or purpose, a strategic plan, and an operating plan.
The board is responsible for the long-term strategy and regularly updates it, while the management team is responsible for the operating plan.
It is important to align individual roles and tasks with the organization's strategy.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Forward thinking: How scenario planning can help your organisation plan for the future.
Scenario planning should be a key part of good strategic planning as it helps organisations to focus on their vision and consider different future possibilities.
It can be done in-house or with the help of trained professionals and can help organisations to prepare for a variety of future outcomes.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Don't get lost in the details: The importance of keeping your strategic planning simple.
Strategic planning follows a sequence to identify key strategies that align with an organisation's vision, scenario planning and SWOT analysis in order to deliver on goals and effectively leverage strengths, weaknesses, opportunities and risks. It typically focuses on 3-4 key areas of work.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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The power of purpose: Your Vision Statement as a guide.
A vision statement helps to guide future planning by considering what the desired future outcome is and what needs to be done to achieve it.
Scenario planning involves considering unlikely or unusual possibilities and preparing for them.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Why Your Vision Statement Needs to Go Beyond Just Words
The most effective way to reach agreement on a vision and purpose is not to focus on specific words, but rather on the guidance and strategic conversations it enables.
It's important to consider the perspectives of all stakeholders and understand what the vision means to them.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Accountability is Key: Make your Strategic Plan a plan, not a list.
The strategic plan is a key accountability document for the board and should include time frames, outcome measures, scope, time frames, project manager, resource implications, budget, and success measures for each action plan.
It's important to also consider the risks involved in implementing the action plan.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Focus on the few: The power of prioritizing key strategies.
Strategic planning should focus on 2-4 key strategies, rather than trying to address too many at once.
These key strategies should help drive the company towards its vision and be based on what has been learned from scenario planning.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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What's on the horizon?
Forecasting the strategic issues that will impact your organisation.
Envisioning the future: Key insights from senior executives and stakeholders.
Every few months, bring in executives or stakeholders for a discussion about potential strategic issues and implications for the organization in the next 10 years.
This helps make strategic planning more robust and board meetings more interesting.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Making a difference: The purpose of strategy.
Strategy is about creating the future and making a difference, not just an exercise.
It involves considering possible futures and continually working towards them with detours along the way.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Budget should follow strategy, not the other way around.
Strategy should not be limited by budget, but rather the budget should be set based on the chosen strategy.
It is important to consider alternative ways of funding and to not let resource constraints dictate the direction of the organization.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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The key to staying relevant: Ongoing strategic planning.
Strategic planning is an ongoing process that should be regularly reviewed and updated.
It should be discussed at board meetings and involve input from staff and consideration of external factors.
This can make for more interesting and efficient meetings.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Meeting your duty of care as a director: Apologies are not a substitute for engagement and responsibility.
The necessity of reading Board papers and asking questions as a director.
A director's apology for not reading board papers is not acceptable unless they have contacted the chair or CEO to address any questions or concerns.
Duty of care requires directors to be informed and diligent in their responsibilities.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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Setting the Standard: Our Board's Commitments for the Coming Year.
Transparency is Key: Let directors know what's expected of them.
Provide a table outlining expected commitments for new directors as part of their induction program, including subcommittees, meetings, and stakeholder engagement.
It is important for organisations to be transparent about the commitment required for board membership to ensure that only those willing to fully engage are selected.
For more go to:
www.consciousgovernancetv.com
https://www.youtube.com/@consciousgovernancemedia
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