Boards make a lot of choices — as well as the number is only getting larger. These are decisions with high-stakes, a lot of uncertainty and are generally not the type of thing you are able to delegate.
Suzanne Nimocks: I believe it is very important for the purpose of the table to have a sturdy decision-making method that allows them to do the job they are simply paid to try and help managing teams produce good decisions. A good method will include things like challenging the assumptions, playing devil’s advocate and helping management come up with alternatives. It will likewise incorporate processes for avoiding groupthink (eg brainstorming, Six Thinking Hats, Disney Planning Method etc).
This could be helped with the use of tools including RACI, as well as the board may have a formal process to decide which issues work for its insight. It might utilize the output from a board escape or the work of committees that have been tasked with specific decisions, to be sure that the decision is at the agreed risk urge for food and happens to be informed by each of the advice it includes received.
Leigh Weiss: I do believe the key is to consider a step back again from the particular 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 table is producing a premium quality decision depending on the best information https://boardmeetingtool.net/board-chair-responsibilities offered.