Addressing climate change risk is among six important trends in corporate governance for 2021, finds a study by executive search company Russell Reynolds. The others: workforce diversity, sustainability, managing human capital, activists and how they might affect the capital markets, and conducting board business via virtual meetings.
Proper data governance "can have a major influence over how the customer experience is delivered, measured and enhanced," writes Greg Kihlstrom. Kihlstrom provides three examples, starting with speed because governance "minimizes the hurdles teams and customers need to go through to access useful information."
Jed Cawthorne of NetDocuments tackles the subject of data ROT, which stands for redundant, obsolete and trivial. Cawthorne argues that the issue isn't "records retention policies" but rather "defensible disposition," as in "Can I delete this after three years, rather than seven?"
The next step past data sharing is true "data democratization," and there are often hurdles regarding employees, experts say. "[P]utting data in the hands of all their users is not something most companies are comfortable with," writes Winston Thomas.
Having outgrown the "socially responsible investing" tag, environmental, social and governance concerns have risen in importance to corporate compliance departments, experts say. As questions arise about which department should be responsible, "[f]irms must ... accept that there needs to be coordination and a tearing down of silos throughout organizations," writes Todd Ehret.
Shawn Rhodes, a keynote speaker at the upcoming Governance, Risk and Control 2021 conference, says change management for organizations is critical in an era when the technology landscape is evolving so rapidly. "Instead of change being something we had to wait until the end of a fiscal quarter to see, we now see the impact of change occur immediately across social media and in profits," he says in this Q&A interview with the ISACA Now blog. Full story: ISACA
Every crisis management team needs a spokesperson, writes Taylor Goodman, who notes that "[f]rom Mickey Mouse to Luke Skywalker, every story has a main character." Behind that spokesperson stand master communicators, Goodman writes, and others who round out the team.
Governance is coming to the fore as "a serious consideration when it comes to the use of advanced digital technologies to drive smart city objectives, especially given the importance of public trust in municipal administration," notes this article produced for the World Economic Forum. The article cites data protection, privacy, connectivity and cybersecurity as important areas in which to gain trust.