Board reviews are a way for a company or organisation's board of directors to take stock and assess its performance. They can help identify areas that need improvement and set long-term goals. These reviews are usually conducted once per year, but some organizations choose to do them more often.
Some Boards prefer that evaluation be part of the strategy formulation process. This can lead to a more consistent approach towards performance and may make evaluation more relevant for the strategic needs of an organisation.
Some prefer to evaluate on an as-needed basis. This could be as part a review cycle, or as a regular agenda point. Boards can use a combination of these approaches to ensure that evaluation is an ongoing part of their governance function.
Any review has two main goals: to improve the effectiveness and efficiency of the board's governance process, and maximize its impact on the organisation’s performance. A successful review will enable the Board to achieve a more productive and efficient board, which can deliver better results for the organisation.
In most cases, the Board will invite outside consultants to help facilitate the process. This is a good way to ensure impartiality and avoid conflict. They can give advice on the best way to address any issues, and they can also guide any follow up activities.
A Board review can also help identify the skills and competencies that they should develop to be more effective. A review can also be a good time to re-educate Board members on the company's vision and values, which can lead to greater 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.
An external facilitator can help a Board conduct a review. However, the former can be particularly useful for providing an objective view of the Board's role and overall performance. They can provide assistance in identifying solutions and speeding up the implementation of any proposed solutions.
It can take several months depending on the nature and complexity of the review. The process can be made faster if the scope or audience is changed or if the steps are not followed as shown in the diagram.
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.
Board business intelligence reviews can be used to help boards understand the value of integrating their various systems in one place. This can reduce their time and money while streamlining their operations. They can also make better decisions about future investments and plans.