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Four strategies for better board reporting

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New laws and regulations have put more responsibility on boards and committees. Experts advise these four strategies for management to best help the board fulfill its role. To find out about Wdesk for board reporting, go to https://www.workiva.com/products/board-reporting.

Publié dans : Business
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Four strategies for better board reporting

  1. 1. workiva.com Four strategies for better board reporting
  2. 2. workiva.com Board members need candor and insight from management on the challenges they face.
  3. 3. workiva.com New laws, regulations, and stock exchange requirements have put more responsibility on boards and committees.
  4. 4. workiva.com Experts advise these four strategies for management to best help the board fulfill its role.
  5. 5. workiva.com The time needed to compile board books often means they're outdated by the time board meetings occur. Go paperless1.
  6. 6. workiva.com The time needed to compile board books often means they're outdated by the time board meetings occur. Ensuring the board has current information is key to good conversations. Go paperless1.
  7. 7. workiva.com The time needed to compile board books often means they're outdated by the time board meetings occur. The move to digital technology allows executives to distribute up-to-the-minute information at any time. Ensuring the board has current information is key to good conversations. Go paperless1.
  8. 8. workiva.com The time needed to compile board books often means they're outdated by the time board meetings occur. Go paperless1. It allows board members to quickly understand what is happening and offer more meaningful advice. The move to digital technology allows executives to distribute up-to-the-minute information at any time. Ensuring the board has current information is key to good conversations.
  9. 9. workiva.com Setting an effective agenda should be a partnership between senior management and the board. Get on the same page2.
  10. 10. workiva.com Setting an effective agenda should be a partnership between senior management and the board. Understanding senior management’s perspective benefits the board and allows for more effective oversight. Get on the same page2.
  11. 11. workiva.com Setting an effective agenda should be a partnership between senior management and the board. Important developments and key issues that management sees should be built into the conversation. Understanding senior management’s perspective benefits the board and allows for more effective oversight. Get on the same page2.
  12. 12. workiva.com Setting an effective agenda should be a partnership between senior management and the board. Awareness of current and future challenges and opportunities can increase the board’s confidence in management. Important developments and key issues that management sees should be built into the conversation. Understanding senior management’s perspective benefits the board and allows for more effective oversight. Get on the same page2.
  13. 13. workiva.com To tell the complete story of a portfolio, there must be consistent methodology, objectives, and reporting against those objectives. Be complete and consistent3.
  14. 14. workiva.com To tell the complete story of a portfolio, there must be consistent methodology, objectives, and reporting against those objectives. Metrics for the whole business should roll up for analysis. If they don’t make sense, it should be discussed. Be complete and consistent3.
  15. 15. workiva.com To tell the complete story of a portfolio, there must be consistent methodology, objectives, and reporting against those objectives. Sparking the conversation around the right topics results in better meetings and overall position of the company. Metrics for the whole business should roll up for analysis. If they don’t make sense, it should be discussed. Be complete and consistent3.
  16. 16. workiva.com To tell the complete story of a portfolio, there must be consistent methodology, objectives, and reporting against those objectives. A board book is a catalyst for discussion. Without a complete picture, you can't have the right discussion. Sparking the conversation around the right topics results in better meetings and overall position of the company. Metrics for the whole business should roll up for analysis. If they don’t make sense, it should be discussed. Be complete and consistent3.
  17. 17. workiva.com Just providing the board with financial statements is not enough—what really matters is how you got there. Create analysis that informs4.
  18. 18. workiva.com Just providing the board with financial statements is not enough—what really matters is how you got there. Beyond strategy and metrics, the board wants to know: What has happened? What were the key value drivers? What were the sensitivities? Create analysis that informs4.
  19. 19. workiva.com Just providing the board with financial statements is not enough—what really matters is how you got there. In addition to financial information, soft information should be top of mind and addressed by management. Beyond strategy and metrics, the board wants to know: What has happened? What were the key value drivers? What were the sensitivities? Create analysis that informs4.
  20. 20. workiva.com Just providing the board with financial statements is not enough—what really matters is how you got there. Soft information includes hiring rates, turnover, productivity, employee morale, and culture. In addition to financial information, soft information should be top of mind and addressed by management. Beyond strategy and metrics, the board wants to know: What has happened? What were the key value drivers? What were the sensitivities? Create analysis that informs4.
  21. 21. workiva.com To fulfill its oversight role properly, a board must understand the critical information available to management and the process that management goes through to make key decisions. Here's the bottom line
  22. 22. workiva.com To fulfill its oversight role properly, a board must understand the critical information available to management and the process that management goes through to make key decisions. Management must help the board understand: • What’s driving current performance • What key performance indicators will help predict future financial performance Here's the bottom line
  23. 23. workiva.com | info@workiva.com | +1.888.275.3125 To learn more about these strategies, view our white paper: Board Reporting Trends and Best Practices in the Digital Age.

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