The corporate board of directors is a group of well-meaning, part-time amateurs, trying to monitor, control, and assure the work of the full-time professional managers who actually run the corporation. That means at best, your board will be several steps behind in having an accurate, current, complete insight into the company, its operations, its finances, and its dangers. At worst, you could, sometime in the future, find yourself giving a deposition trying to prove that you never noticed something regulators, attorneys, and shareholders in retrospect say should have been obvious.
The best practice board must have effective financial and operational controls. These are like all the tech used in hospitals to monitor a patient’s vitals, but the board depends on them to monitor results and compliance. Unfortunately, most internal controls are set up for the use of financial, compliance, legal, or other staff and not the board. Our program looks at how your board should structure itself for effective risk oversight; where hidden dangers are most often found; internal risks the board must watch for; and how to shape reporting and corporate controls that give you the info you need when you need it.
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