Board reviews are a way for a company or organisation's board of directors to take stock and assess its performance. They can help you identify areas where you need to improve and help you set long-term objectives. These reviews are often conducted at least once a calendar year. Some organizations may choose to conduct them more often.
Some Boards prefer to conduct evaluation as part of the strategy formulation process. This will allow for a more consistent approach and evaluation that is more pertinent to the strategic needs.
Some prefer to evaluate as an ad-hoc matter, whether it is part of a review process or as a regular agenda item. The best way for boards to make sure that evaluation is a regular part of their governance functions is to use both.
Review's primary goal is to increase the effectiveness of the board’s governance process and maximize the impact it has on the organisation's performance. A successful review will allow the Board to become a more productive and efficient Board, which will deliver better results for the organization.
A Board may invite outside consultants to assist with the process. This can be a great way to ensure that the process remains impartial and free from conflict. These people can offer guidance on any follow-up actions and provide advice as to how to address the issues.
A Board review may also be a time to highlight important skills and competencies the Board should acquire in order be more effective. An opportunity to review the company's vision or values can be used to educate Board members. This can increase transparency and accountability.
Some Boards may opt to have a full formal assessment every year. Other Boards might conduct a more focused review in certain years, or drill into the specific areas identified in their previous formal reviews, such as strategy, renewal and documentation quality.
A Board can either have an external facilitator conduct a review, but this can be extremely useful for providing objective perspectives on the Board, its role and its overall performance. They can offer suggestions for solutions and help ensure that the solutions are implemented quickly.
It may take up to a month depending on the nature of your review. However, if the scope and the audience are adapted or the steps in the diagram below are omitted, the process can be completed more quickly.
The board business Intelligence Review is a great tool to identify trends within the industry and help develop strategies that will keep them competitive in their market. This type of review can be especially useful for smaller companies who may be falling behind in their market.
A board business intelligence review can help them understand the importance and cost-savings of integrating all their systems into one system. It allows them to make informed decisions about future investments, plans, and projects.