Boards are responsible for a lot of choices — plus the number is only getting greater. These are decisions with high-stakes, a lot of uncertainty and are generally not the type of thing you may delegate.
Suzanne Nimocks: I do think it is very important with regards to the plank to have a solid decision-making procedure that allows those to do the job they can be paid to complete and help management teams produce good decisions. A good process will include things like challenging the assumptions, playing devil’s advocate and helping management produce alternatives. It will also incorporate techniques for avoiding groupthink (eg idea, Six Considering Hats, Disney Planning Technique etc).
This can be helped with the usage of tools including RACI, plus the board could have a formal procedure to decide which usually issues work for its suggestions. It might utilize the output https://boardmeetingtool.net/leading-software-to-improve-board-management-decision-making from a board retreat or the operate of committees that have been requested with specific decisions, to ensure that the decision is within the arranged risk cravings and has become informed by each of the advice it has received.
Leigh Weiss: I believe the key is to have a step once again from the specific decision you are facing and consider, on one hand, the scope of the potential impact (what’s at risk) and, on the other hand, the level of conviction about whether it will arise. This helps you prioritize the best places to spend time and ensure that the aboard is producing a superior quality decision depending on the best info available.