Over time, the way a board operates in preparing for its meetings, looks at issues, makes reports, and manages changes to data and information. The board isn’t aware of this but a maturity-based model can help them monitor their progress.
While an annual review provides a good level of objectivity to assessing governance practices, a board management maturity assessment provides a deeper and more thorough analysis. These assessments also provide boards the ability to clearly guide them to the next level of governance maturity.
The majority of boards start at the lowest point of board management maturity. They are not able to comply with the rules who recognize their responsibilities and public relations, but see governance as an obstruction to their’real’ jobs of managing the company. The first step is to change the board away from viewing governance as a burden for the administrative, and towards developing their own strategic thinking skills.
Maturity models typically comprise of three to five levels which assess the quality of governance techniques within a business. They assess domains such as control of risk, board management involvement of stakeholder groups and governance effectiveness. The first stage, called Level One is usually defined by impromptu processes without formal standards or alignment, while the third and the second levels have more clearly defined and understood methodologies. These methodologies may comprise interviews, benchmarking or questionnaires. Interviews will reveal the team’s enthusiasm and dedication to a particular process and surveys conducted by a third party independent are more methodical. They also provide an accurate overview of a board’s maturity level.
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