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GovernWith, market-leader inContemporary Governance Review & Development, and Convene, Australia’s premier Board management software, are thrilled to announce their strategic partnership. The collaboration introduces GWCiT (GovernWith x Convene in Microsoft Teams), a unified platform designed to assure compliance, enhance governance effectiveness and streamlineBoard administration, all through Microsoft Teams.
Coming out of the 2023 GovernWith Contemporary Governance Risks Whitepaper, there was an interesting phenomenon we saw trending through the data. The data collected had more than 2,000 individual contributions across both the Board Governance Review and the Director Skills Matrix. These two assessments meet two different criteria and require different “context hats” worn when completing them. The Board Governance Review is answered by an individual’s gauge, or evaluation, of how assured the board is that the whole organisation (board and executive included) are delivering on their Corporate, Sector Specific and Contemporary Governance roles and responsibilities. The Director Skills Matrix is answered by an individual considering their own understanding, qualifications and experience in relation to their Sector, Professional and Contemporary skills, measuring their level of capability.
While not entirely reflective of the psychological definition “an individual being less likely to help a person in need while in the presence of others”, the core message that bystanders often assume someone else will step in, is what we want to highlight.
The diffusion of responsibility, particularly in contemporary governance issues, was demonstrated when comparing an individual’s view of the organisation’s capacity overall - often being quite positive, yet individually most in these same areas indicated their own capabilities were foundational. This emphasises, and gives evidence to, an attitude of pluralistic ignorance where boards may not have the ability to recognise or ask the right questions around trends and issues, if each of them is expecting another to have the educated knowledge and experience to be the voice in those areas.
If a board has reflected in the Governance Review that the organisation are highly proficient in a particular area, but the group results of the individual skills matrix indicate most directors are foundational in their own capabilities - these results don’t align and give urgency to the risks and impact of bystander thinking.
What a fantastic opportunity we have through this data in how we can individually reflect and respond. Shown through centuries of evolution and human behaviour we witness the ultimate benefits of being altruistic, curious and community serving. It’s up to each of us to make having an educated foundation for our thinking important, and to show initiative in seeking out that self development. These human centric trends and issues we see at the forefront of governance now are everybody’s responsibility. For a board, executive and whole organisation to be its most capable and sustainable, every member needs to be a participator in their ongoing development, training and preparation in contributing to these conversations. In 2024 our goal at GovernWith is to ignite and support proactive participation, leaving bystander apathy behind in 2023.
In the dynamic realm of contemporary business, where digitalisation is paramount, directors find themselves grappling with intricate decisions and unforeseen obstacles. Cybersecurity, once a distant concern, has now emerged as a pressing threat capable of disrupting an organisation's core functions. The pivotal question arises: Are directors accountable for the aftermath of a cyber attack if they lack a proactive incident response plan?
The notion of foreseeable risk delves into directors' responsibilities concerning cybersecurity readiness. Through a dialogue led by Wes Ward, the significance of conceivable risk is explored, shedding light on potential consequences directors might encounter without a robust incident response plan. Vera Visevic navigates this complex terrain, drawing parallels with unforeseen events such as the pandemic, and discussing the legal framework that seeks to strike a balance between understanding business challenges and prioritising preparedness.
The legal landscape acknowledges the intricacies of steering an organisation and aims to harmonise accountability with practicality. While unexpected events might temporarily exempt directors from immediate liability, the scenario shifts when it comes to risks that are increasingly foreseeable. Much like the pandemic underscored the need for readiness, the ascent of cyber attacks and environmental disruptions demands proactive involvement from directors. The law underscores that reasonable individuals would acknowledge the mounting frequency of cyber threats and environmental disturbances, necessitating discussions, assessments, and protective measures.
Media outlets are rife with narratives of cyber attacks, underscoring the urgency of cybersecurity dialogues at the upper echelons of governance. Vera aptly highlights that ignoring the evident threat is no longer viable. With cyber security incidents dominating headlines, directors can no longer feign ignorance of the impending danger. Similar to the impacts of climate change on communities worldwide, cyber attacks are influencing organisations across industries. Directors must accept the duty of identifying and addressing these trends that have the potential to reshape business landscapes.
The interaction between Wes and Vera underscores that foresight entails responsibility. In the same manner that prudence dictates actions in response to foreseeable natural calamities, the same applies to cyber security. Boards are entrusted with addressing evolving risks that can disrupt operations, compromise data integrity, and tarnish reputations. An organisation's sustainability hinges on its leadership's ability to anticipate and counter risks proactively. The legal framework acknowledges that directors shoulder the obligation to their organisation, stakeholders, and the broader community to engage in informed dialogues and strategic planning that mitigate cyber threats.
The convergence of technology, cyber security, and environmental challenges has ushered in a novel governance paradigm. Directors are no longer insulated from these pressing concerns; they are called upon to lead with a comprehensive grasp of foreseeable risks. The concept of conceivable risk acts as a compass, guiding directors toward proactive preparedness. As organisations navigate the complexities of the contemporary business landscape, the onus rests on directors to partake in ongoing discussions, evaluate evolving risks, and implement measures that shield their entities from the multifaceted threats that envelop them.
In an age marked by climate volatility and economic shifts, organisations are under growing pressure to strengthen their climate resilience strategies. In a candid conversation among Wes Ward, Neil Plummer, and Fi Mercer, a wealth of insights emerged on how to fortify an organisation's climate resilience amid a backdrop of uncertainties. Let's delve into the key strategies discussed in this enlightening conversation, while also highlighting relevant LSI keywords related to climate, resilience, strategies, climate risk, and governance.
One of the initial strategies that surfaced in the discussion was the concept of decoupling from the grid, which stands as a sustainable climate resilience strategy. Wes Ward emphasised the importance of reducing exposure to volatile energy prices by investing in renewable infrastructure. This forward-thinking approach involves incorporating solar, wind, or other sustainable modes to power an organisation. As the grid progressively shifts towards renewable sources, such as electricity, the transition becomes not just an environmentally conscious choice but also a financially prudent one—addressing both climate risk and financial stability.
Neil Plummer reinforced this idea by highlighting the grid's increasing focus on renewables over fossil fuels like coal and gas. He urged organisations to consider transitioning to electric power sources and even implementing solar panels and batteries to further reduce financial risk exposure. This dual approach not only promotes sustainability but also shields organisations from energy market fluctuations—aligning climate resilience with economic stability.
The conversation delved into the importance of flood resilience, particularly concerning mental health facilities—a critical aspect of climate resilience. Fi Mercer stressed the significance of governance discussions at the board level, emphasising that the approach should be from a governance perspective rather than executive execution—a governance-driven strategy for climate resilience.
To foster climate resilience in the face of flood-related challenges, organisations should consider the following governance approaches:
In the context of capital works programs, Neil Plummer highlighted the importance of considering climate risk exposure—a pivotal aspect of climate risk governance. As organisations, particularly in the education sector, plan new campuses or upgrade facilities, they must account for both the immediate expenses and long-term climate risks associated with infrastructure decisions.
Key considerations for managing climate risk through capital works programs include:
In an era defined by climate uncertainties, building climate resilience is not just a strategy; it's an imperative. The insights shared in this conversation underscore the importance of proactive strategies, such as decoupling from the grid, climate resilience through governance, and climate risk-aware capital works programs. By embracing these approaches, organisations can chart a path towards a more sustainable, climate-resilient future—one that withstands the challenges of today and prepares for those of tomorrow, aligning climate resilience with sound governance and sustainable strategies.
In the ever-evolving world of corporate governance, director development has taken on new dimensions. The complexities of modern governance, including emerging issues like ESG (Environmental, Social, and Governance) and the omnipresent concern of cybersecurity, have transformed the landscape for board members across the country. In this article, we'll explore the challenges and opportunities directors face in staying ahead of the curve and how continuous learning has become an indispensable part of the director's journey through the Director Lifecycle From Recruitment to Retirement.
To say that the life of a director has become more complex would be an understatement. Directors today grapple with a multitude of challenges that demand their attention and expertise. Among these challenges, several stand out prominently:
Directors, often individuals with extensive experience and high levels of expertise, face a unique challenge. They must balance their well-earned confidence with the humility to acknowledge that they must continue learning. In an era where information and best practices rapidly evolve, embracing continual education is not just advantageous; it's essential for the Director Lifecycle From Recruitment to Retirement.
The dynamic nature of governance means that directors need to adapt to emerging knowledge continually. Take, for instance, the realm of climate change. What directors understood about this topic three years ago is likely insufficient today. Staying current with emerging areas of consideration is crucial for successful director development.
Directors seeking to thrive in this evolving landscape must engage in two dimensions of continuous education:
The life of a director has become increasingly intricate, marked by a constant need to adapt and learn throughout the Director Lifecycle From Recruitment to Retirement. ESG, cybersecurity, human resources, and the ever-changing corporate landscape demand directors who are not only knowledgeable but also agile in their leadership.
To excel in this environment, directors must embrace a culture of continuous education. It's a journey that requires humility, curiosity, and a commitment to staying at the forefront of governance practices within the Director Lifecycle. As the pace of change shows no sign of slowing, the directors who thrive will be those who recognise that the pursuit of knowledge is a lifelong endeavour in director development.
In the realm of board governance and the director lifecycle, the process of director recruitment has witnessed a significant transformation. This article explores the changing landscape of board recruitment, emphasising diversity and the role of professional recruitment firms. Discover how planning, governance, and embracing diversity are shaping the Director Lifecycle from Recruitment to Retirement.
The Director Lifecycle, from recruitment to retirement, is undergoing a shift in paradigms, particularly in the realm of director recruitment. Fi Mercer and Megan Motto, experts in board governance, highlight the changing dynamics:
Director recruitment has evolved into a more professional process. Organisations recognise the importance of bringing skilled and diverse individuals into their boards, emphasising the need for professionalism.
Traditional practices, often characterised by a "boys club" mentality, are gradually fading away. The emphasis is on promoting gender diversity and inclusivity in the director selection process.
Diversity in the boardroom goes beyond gender. It encompasses individuals from various nationalities, with diverse skill sets, tenures, and perspectives. This diversity enriches decision-making and strategic planning.
Organisations are increasingly turning to professional recruitment firms to elevate the director recruitment process. This shift aligns with the goal of ensuring a comprehensive and unbiased approach.
In conclusion, the Director Lifecycle, spanning recruitment to retirement, is undergoing a profound transformation with a renewed focus on planning, governance, and diversity. While personal networks remain relevant, there's a growing realisation that fresh perspectives and diverse skill sets are essential in the boardroom. Professional recruitment firms are invaluable partners in this journey, helping organisations find directors who can shape their futures. It's time to invest the same level of attention and rigour in director recruitment as we do for other critical roles within our organisations. Embracing diversity and professionalism ensures a robust Director Lifecycle that propels organisations toward success.
In today's interconnected world, cyber attacks pose a significant threat, propelling boards of directors into a pivotal role in fortifying their organisations against unprecedented risks. With cyber threats intensifying, boards must reshape their governance strategies. Fi Mercer, a governance expert, presents a pragmatic roadmap to steer boards toward proactive and comprehensive cybersecurity governance.
As the cyber threat landscape expands, boards must swiftly adapt their governance approach. Mercer underscores the need for a structured and proactive response, commencing with the acknowledgement of cyber security as a foremost risk. Mercer addresses the financial constraints that some organisations face and suggests alternative methods to ensure cyber security receives due attention.
One potent approach Mercer advocates is the integration of cyber security within the risk committee's agenda. This involves enlisting a cyber security expert as part of the committee, fostering informed risk assessment and mitigation strategies. This synergy not only introduces specialised insights but also bridges the gap between cybersecurity considerations and holistic risk management.
Mercer underscores the importance of assigning cyber security a permanent slot on the board's agenda. Similar to pivotal subjects like healthcare's clinical governance or customer feedback, cyber security deserves dedicated deliberation time. This practice prevents essential matters from being overlooked and reinforces the board's commitment to addressing cyber risks.
For larger entities with adequate resources, Mercer recommends establishing a specialised cyber subcommittee. This targeted body delves deep into cybersecurity strategies, ensuring the board remains abreast of evolving threats and effective countermeasures. This proactive stance ensures that cyber security remains at the forefront of discussions rather than an afterthought.
Mercer's insights extend beyond conventional organisational boundaries. In regional, rural, and even suburban settings, where resources might be scarce, she advocates exploring shared committees. Drawing inspiration from models like clinical governance, Mercer encourages collaborating with diverse organisations to pool expertise and resources. By acknowledging the cross-industry nature of cyber threats, boards can unite efforts against these risks.
One of Mercer's notable insights is that cyber security threats transcend sectors and industries. This universal nature of the challenge creates opportunities for cross-industry cooperation. Mercer suggests that regardless of primary focus, organisations can form alliances, fostering information exchange and cooperative strategies to combat cyber threats.
As Wes Ward aptly highlights, Mercer's suggestions champion local engagement and shared resources. In a world shaped by technology, Mercer's community-driven approach fortifies cyber security from the grassroots level. Local collaboration guarantees that each organisation gains access to vital expertise, fostering resilience against cyber threats.
As the digital landscape grows intricate and vulnerable, boards of directors shoulder a weighty responsibility. Fi Mercer's expertise guides directors through uncharted waters, promoting prudent and effective governance. By weaving cybersecurity into the fabric of governance, boards can proactively address cyber threats and bolster their organisations against the dynamic risk landscape.
In the domain of governance and board directorship, meticulous planning plays a pivotal role throughout the entire board lifecycle. It's an aspect often underestimated as organisations hurriedly proceed with board member recruitment. However, it serves as the foundation for constructing successful boards and nurturing the professional growth of individual directors. In this article, we'll delve into the board lifecycle, covering the essential phases from recruitment to retirement, and underscore the importance of methodical planning.
Directors' journeys within boards, spanning various sectors including healthcare, aged care, human services, education, and communities, can be likened to a meticulously orchestrated symphony. Each phase of this lifecycle, from recruitment to retirement, demands coherent planning and execution.
In conclusion, the board lifecycle, from recruitment to retirement, resembles a meticulously composed symphony that demands careful planning at each phase. Aspiring directors must plan for their roles, build networks, and continuously develop their skills. Organisations, in turn, must strategise for recruitment, nurture directors' growth, and ensure seamless transitions upon retirement. By prioritising planning and governance throughout the board lifecycle, both individuals and boards contribute significantly to the success and sustainability of organisations.
In the world of corporate governance, directors hold a pivotal role, requiring meticulous adherence to best practices and a continuous commitment to personal and professional development. It goes beyond fulfilling corporate governance duties; it involves self-assessment and growth. In this article, we will delve into the Director's Lifecycle, a crucial facet of board governance, drawing insights from Fi Mercer, an authority in this field.
The director's journey commences with thoughtful planning. Prior to stepping into the boardroom, one must possess a clear grasp of the organisation's mission, values, and objectives. This phase necessitates the identification of skills and expertise essential for effective board contribution, aligning personal aspirations with the organisation's vision.
The recruitment of directors stands as a pivotal step in building a high-performing board. Boards must meticulously pinpoint individuals possessing not only the requisite skills but also a resonance with the organisation's core values and goals. The recruitment process should be rigorous, transparent, and impartial, fostering both board diversity and competence.
Induction acts as the bridge connecting planning to effective directorship. New directors must engage in a comprehensive onboarding process, acquainting themselves with the organisation's culture, policies, and governance structures. It's an opportunity to grasp the board's expectations and the roles they are set to undertake.
Astute directors acknowledge that learning is an ongoing voyage. Development entails refining existing skills, acquiring new ones, and staying attuned to emerging trends. Organisations must offer directors opportunities to partake in training sessions, workshops, and conferences that augment their governance proficiencies.
Mentorship occupies a pivotal role in the Director's Lifecycle. Experienced directors provide invaluable guidance to those in the nascent stages of their journey. Mentorship programs facilitate knowledge transfer, cultivate leadership abilities, and establish a platform for candid discussions and issue resolution.
Every directorship carries a finite tenure, and retirement is an inevitable phase. Retirement planning should commence well in advance to ensure a seamless handover. Departing directors should contribute to identifying their successors and transmitting their wisdom to maintain board continuity and effectiveness.
The Director's Lifecycle is an all-encompassing framework guiding individuals through their boardroom governance journey. It encompasses planning, recruitment, induction, development, mentorship, and retirement, all of which are indispensable to becoming a proficient and responsible director.
Boards and directors alike must recognise the significance of each phase and invest in them. Focusing solely on corporate responsibilities is insufficient; personal growth and development are equally vital. By adhering to this lifecycle, boards can guarantee that they fulfil not only their governance obligations but also nurture a pool of adept and dedicated directors, steering their organisations towards triumph.
In the ever-evolving landscape of boardrooms, the Director's Lifecycle serves as the compass, keeping directors on track, empowering them to adeptly navigate the challenges and opportunities of board governance. Whether you are a seasoned director or embarking on your directorial journey, remember that the Director's Lifecycle is your blueprint for excellence in boardroom leadership.
In an interconnected world, the threat of cyber attacks looms large, reaching beyond physical boundaries to disrupt businesses and personal lives. Delving into this complex landscape, Jonathan Green unveils the weighty price tags and profound consequences that cyber attacks wield, extending far beyond financial ramifications. In this article, we dissect the multifaceted dimensions of cyber attack costs, exploring their ramifications on Australian businesses, individuals, and the often-overlooked not-for-profit sector.
The world of cyber attacks bears a hefty financial burden, resonating in monetary and personal dimensions. Globally, the toll is staggering, hovering at an astounding 7 trillion dollars. While Australia constitutes a smaller fraction of this global picture, it remains susceptible. The financial burden on Australian businesses paints a telling picture, with costs soaring to an astounding 29 billion dollars. These numbers spotlight the gravity of the issue, underscoring the infiltration of cyber attacks into the modern societal fabric.
Beneath the ledger entries and balance sheets, the ripple effects of cyber attacks plunge into individual lives. The exposure of personal information triggers a domino effect of consequences that transcend the virtual realm. Jonathan Green shares narratives of individuals ensnared in the aftermath of a cyber attack. The arduous journey of unravelling the stolen information's web can span years, inflicting a substantial toll on personal well-being. This underscores that the costs associated with cyber attacks extend beyond the financial, encompassing emotional, psychological, and social domains.
The crosshairs of cyber attacks reach beyond corporate giants to include not-for-profit organisations. Often operating with limited resources, they are not immune to the threat. While their incidents might not make headlines, their significance remains unwavering. The distinguishing factor lies in the response to these threats. Some exhibit adept crisis management and containment tactics, while others grapple with the aftermath of unpreparedness.
The narrative of cyber attack costs underscores the urgency of holistic readiness across the spectrum. Irrespective of scale—whether colossal conglomerate, modest enterprise, or not-for-profit—the peril is palpable and demands proactive measures. While financial implications are apparent, the impact on individual lives cannot be underestimated. Businesses and entities shoulder the responsibility to bolster their defences, not just for their interests but to shield the personal lives entwined with their operations.
As technology advances, so do the methods and scale of cyber attacks. The battle against these threats rages on, requiring vigilance, adaptability, and an unwavering commitment to growth. The costs reaffirm the value of investing in cybersecurity measures, cultivating a culture of readiness, and staying attuned to emerging threats. Ultimately, the ever-evolving realm of cyber attacks mandates a proactive stance—one that acknowledges the costs, anticipates risks, and champions a digitally secure future for businesses, individuals, and the broader community.
In the dynamic realm of corporate governance, directors are the compass guiding organisations through changing tides. Success hinges on their expertise and adaptability. In this article, we delve into the pivotal role of continuous director education, emphasising both internal and external learning as vital components of their journey through the Director Lifecycle From Recruitment to Retirement.
Businesses, irrespective of their size or industry, are in a perpetual state of evolution. As astutely highlighted by Megan Motto, a stagnant business is unlikely to prosper in today's dynamic environment. Thriving organisations constantly adapt to new challenges, seize emerging opportunities, and innovate to maintain their competitiveness. Within this context, directors must proactively keep pace with the ever-evolving business landscape.
One facet of director education revolves around gaining an in-depth understanding of the organisation they oversee. This knowledge encompasses various critical aspects, such as:
Internal learning necessitates sustained engagement with the organisation's fundamental functions, diverse departments, and its invaluable workforce. This intimate knowledge empowers directors to navigate the internal landscape effectively.
While internal learning is undeniably indispensable, external learning holds equal significance. Directors should broaden their horizons by seeking knowledge beyond the confines of their organisation. External learning encompasses a multifaceted approach:
External learning isn't confined to traditional education; it extends to networking, attending seminars, active participation in industry conferences, and engaging with experts and thought leaders. Directors must actively seek opportunities to augment their knowledge from external sources.
Directors navigate a fine line between internal and external learning. While comprehending the intricacies of their organisation is pivotal, it's equally essential to remain attuned to external forces shaping the business's future. Continuous director education transcends choice; it assumes the form of an imperative for directors committed to steering their organisations toward success.
As we venture into 2023, the role of directors in promoting sustainable and responsible business practices has never been more crucial. Directors must be equipped with the knowledge and skills necessary to address contemporary challenges, from cybersecurity threats to social responsibility. By embracing a holistic approach to education, directors can guarantee their effectiveness as stewards of their organisations amidst the ever-evolving business landscape.
In the realm of corporate governance, directors are the compass guiding organisations towards triumph. Megan Motto, an authority in the field, shines a spotlight on a pivotal facet of director development that often goes unnoticed but wields profound influence: the cultivation of broad knowledge. This article explores the importance of nurturing a diverse spectrum of insights, trends, and issues, both internally and externally, to augment a director's efficacy.
Directors shoulder multifaceted responsibilities, encompassing strategic decision-making, financial oversight, and ensuring the organisation's long-term vitality. While these roles are well-documented, an equally vital aspect beckons our attention: the relentless pursuit of broad knowledge.
Broad knowledge spans a tapestry of insights, ranging from industry-specific trends to global societal concerns. It entails staying attuned to internal happenings within your organisation and remaining vigilant about the world's unfolding events. Here's why it holds sway:
The nurturing of broad knowledge necessitates diligence and a proactive stance. Here are strategies directors can employ:
In summation, broad knowledge stands as the linchpin of success for directors navigating today's dynamic landscape. It equips directors with the sagacity to make informed decisions, contribute efficaciously to board dialogues, and remain in stride with burgeoning trends. Through active pursuit of diverse insights, directors can elevate their governance proficiencies, steering their organisations towards a prosperous future.