As the pace of business increases, board management effectiveness is becoming more important. Boards must be able to to separate the “known unknowns” from the strategic imperatives that drive long-term value, and steer companies towards their goals.

To achieve this they must have access to data that will allow them to identify and respond to any new risks quickly and effectively. They must also be able to develop a culture that encourages constructive dissension and engage in candid conversations that can challenge the consensus. To do so they must have the ability to develop their professional skepticism that is practical and develop online board meetings the courage to raise red flags in the boardroom as well as with company leaders.

Boards must also ensure that they have effective procedures in place for identifying new talent, hiring those candidates and effectively in bringing them into the group. The board is an evolving organism and when directors depart they should be replaced with those who have the right combination of experience, skills and capabilities to meet the needs of the changing times of the company.

It is also essential to have a system in place that ensures decisions made within the boardroom are reflected in action taken by the committees. This is where boards often fail due to the lack of clarity and a misaligned process. An effective evaluation process will expose these problems, and provide constructive feedback for individual directors without focusing on anyone in particular. This can help the board to address issues with leadership and ensure it is able to reach its strategic goals.