Conscious Governance

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. #boardmeetings #induction #commitments #directors #subcommittees #stakeholderengagement #strategicconversations #recruitment

A board work plan helps directors and senior executives plan strategic conversations, allowing them to consider the future of the industry and the insights and perspectives of both the board and staff. This helps to ensure that important topics are discussed and that staff are prepared for meetings. #boardgovernance #strategicplanning #boardworkplan #industrytrends #strategicinsights #sectorunderstanding #bigpicturethinking #staffpreparation #boardresponsibility

Having a board work plan or calendar allows directors to better prepare for meetings and helps ensure that the board is constantly discussing important topics. Good work plans also include opportunities for external input on strategic issues. #boardworkplan #boardcalendar #boardpreparation #strategicplanning #boardmeetings #boardagenda #boardproductivity #boardefficiency #boardgovernance #boardeffectiveness

The Risk Committee helps identify and manage top risks while training the board to identify opportunities. Ensuring accountability and incorporating strategic implications in board reports helps create a strategic environment. #RiskCommittee #KeyRisks #RiskManagement #BoardAccountability #Strategy #StrategicImplications #BoardReports #BoardConversations #OrganizationalAccountability

When providing risk reports to the board, focus on the top 3-5 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. #RiskReport #BoardReporting #KeyRisks #FinanceAuditRiskCommittee #RiskMitigation #RiskCompliance #StrategicOpportunity #KPI #CEO #SuccessMeasures

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. It provides guidance to the staff about what they should be providing for Board consideration and guidance for how staff undertake projects. #RiskAppetite #ZeroTolerance #StaffSafety #ClientSafety #MediumRiskAppetite #ExpandingintoNewAreas #Opportunities #PoliciesandProcedures #MinimizingImpact #FocusingAttention #SeniorStaff #Board #Importance.

Finance is not just about figures, it's about understanding the reasons for variance and strategic implications for the company. A Finance Audit and Risk Committee should focus on these conversations rather than the figures themselves, and provide strategic implications for board discussion. #Finance #Strategy #Audit #RiskManagement #BoardConversations #ProfitAndLoss #Variance #BusinessDrivers #MeasuringSuccess #StrategicImplications #FinanceTraining #CommitteeEffectiveness #MindsetChange

Reframe risk management to focus on strategic opportunities, not just compliance. Add language to policy to shift perspective on risk. #RiskManagement #StrategicOpportunity #Compliance #RiskImpact #PolicyReframing #BoardUnderstanding #SeniorExecutives #RiskPerspective #ChangePointofView

An effective strategic risk review process goes beyond checking boxes. It's about integrating risk into our operations and leveraging opportunities. Identify strategic opportunities and revenue potential from risk management. This mindset makes risk exciting and innovative. #strategicriskreview #riskidentification #riskranking #riskmonitoring #integralpartofbusiness #standalonereport #riskmanagementreport #strategicopportunities

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. #RiskManagement #StrategicAdvantage #BoardLevel #Mindset #SeniorExecutives #BigRisks #EndemicRisks #Control #Mitigate #Innovative #Outcome #Leverage #Staff #InnovativeMindset