COMPLEXITY OF DIGITAL RISK ASSESSMENT
In the world of corporate leadership, there's a distinct difference between doing the right thing and doing things right. Governance is focused on doing the right thing, establishing a longer-term vision that defines what actions align with a company's purpose, mission, and values. Management, on the other hand, is focused on doing things right, executing on the strategy set forth by leadership.
To ensure that a company is doing the right thing, the advice and counsel of directors are invaluable. External perspectives from subject matter experts who possess deep knowledge of the challenges faced by a CEO can help make more informed and rewarding decisions. A digital director, in particular, can offer valuable insights into the ways that new technologies are driving changes in industry practices, consumer behavior, and leadership expertise.
The challenge with digital is that it's new, and many directors may not fully grasp its transformational nature or how it may affect consumer expectations and needs. This lack of understanding can make it difficult to lead meaningful discussions on the matter. That's where a digital director can be particularly helpful. By providing guidance on evolving digital trends and their potential impact on the business, a digital director can ensure that decisions are well-considered and informed.
CEOs are tasked with making life-altering decisions, weighing known and unknown risks, and admitting that they cannot know everything. They also know that once a decision is made, the company's resources will be committed to achieving the established goals. Prior to any significant decision that has a digital aspect, a digital director can provide knowledge and information based on experience or a network of experts, clarifying the topic at hand.
In addition to providing valuable insights, a digital director can also help ensure that digital investments and capabilities are aligned with the company's future vision. Management, following the CEO's direction, is responsible for delivering on the strategy and achieving desired results. The board's role in governance is to ensure that the program is following established guidelines, tracking progress towards goals, and empowering capable leaders with the right authority and responsibility to be successful.
Ultimately, the role of a digital director in corporate governance is to provide insights, guidance, and direction on digital trends and capabilities, helping to ensure that the company is doing the right thing and moving towards a successful future.
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