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Businesses Risk

29 Mar 2018

We are all very aware that a major task in running any business is the need to minimise and cope with risks. Many are to do with immediate risks such as loss of a major customer, a health and safety issue or worry over inadequate insurance cover. While most risks are delegated to be managed by the directors to management, how the  board ensures this responsibility is carried out in line with its desires, can be difficult.

Some well known organisations’ boards have discovered recently that their belief and trust in management to make sound judgements like in contract pricing and management has been seriously misplaced.

What could they have done better? Firstly, to set policies on proven risk levels for contract negotiations, profit margins from contracts, and secondly, ensured those board level policies were adhered to through exception reporting and use of an auditing committee to regularly follow through critical policy adherence. 

CEO’s are contracted to follow board policies, to achieve approved plans and budgets and if a board does not carry out best practice to ensure they are achieved and followed could find itself over hot coals being roasted by the shareholders or the media!

 If you have any questions about this article please contact us.

 Eric Livingstone 

 

Tags: Board Member, Business

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Board Review Due?

23 Jul 2015

Needed but too challenging? Email for a free simple self appraisal for you and your board. Complete it confidentially in your own office. Takes only ten minutes. Then for a summarised result, email back to the Board Secretary, Chair, or to me if complete privacy is desired....

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FIFA Debacle

22 Jun 2015

The audacity and the sheer size of the corruption in FIFA staggers us. And as Joe Bennett in the Press recently commented, isn’t this what can occur in business too with major international banks fined for fixing exchange rates or recycling vast sums of drug money....

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Board Member Selection & Appointment

03 Sep 2014

Potential new Board members need careful vetting for their suitability to fit the culture of your organisation and if you want to improve the effectiveness of your Board. Taking extreme care in the selection and appointment of a new Board Member is as important as that for a senior Manager....

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Board Member Induction

20 Aug 2014

A well prepared and thought out induction programme for new Board Members can be very valuable to enable their early and sound contribution to the Board’s deliberations. Such an induction can also give Board Members a rare chance to visit and explore the organisation at the grassroots level which will add a deeper understanding of Board decisions in the years ahead....

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Is Your Board or Committee Chair Too Nice?

11 Jun 2014

We often appoint someone as chair because everyone likes them, they are popular, and they get on well with everyone. Is that why some boards and committees fail to achieve what they set out to do? A key factor to successful boards is that they have chairs who ensure things get done, who target the strategic issues, and who ask the ‘difficult to ask’ questions....

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Being a Board Member is Not Always Fun

05 Jun 2014

It was a very sober observation from the owner and director of a fishing company whose vessel sank and was convicted in court recently, concluding that is not worth it to be the director of a family company when you were not really involved in its oversight....

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Prospective Board Role Allocated

14 May 2014

This month has seen the first of our placements of a Board member under training, to a governance committee urgently needing some external objectivity and focussing on developing their governance capability....

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