Board reviews can be used by a company's directors to evaluate and assess their performance. They can help you identify areas where you need to improve and help you set long-term objectives. These reviews are typically conducted at least once per year. However, some companies choose to have 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.
Others prefer to evaluate on an adhoc basis. 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 board review will make it more productive and more efficient. This will lead to better results.
Typically, an external consultant will be invited by a Board to facilitate the process. This can be a great way to ensure that the process remains impartial and free from conflict. They can give advice on the best way to address any issues, and they can also guide any follow up activities.
Additionally, a Board review can help to identify key competencies and skills that should be developed in order to be more productive. A review is a great opportunity to re-educate Board Members on the company’s vision and values. This will allow for greater transparency and accountability.
Some Boards will choose to do a full formal evaluation every year. Others might only review the most important areas in a shorter time frame or drill down into those areas they have not covered in their previous formal review.
A Board can conduct a review with or without an external facilitator but the latter can be especially useful in providing a fresh, objective perspective on the Board and its role and its overall performance. They can be helpful in suggesting options for addressing the issues that have been identified and in ensuring that any solutions are implemented quickly and efficiently.
It can take several weeks depending on what the review is. 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.
The board business intelligence review can also help a Board to understand the importance of integrating all their different systems in one place, which can save them time and money by streamlining their operations. It also makes it easier for them to make informed decisions about their future plans and investments.