There is a concerning gap in Technology Governance in Canada’s Top Companies
Over the last decade the impact of technology on business and society at large has been profound. The call to “Digital Transformation” to ensure the continuity of business has been amplifying in recent years and during 2020 reached feverish pitch. Much has been written about the accelerated pace of change and positive contributions technology has made in dealing with the Covid-19 global pandemic. As new routines are taking root leaders are looking toward the future and what it will look like for their organizations.
Technology will take a predominant role going forward, yet this new reality will drive unfamiliar dialogue for many Board of Directors. Today, most boards do not consider digital technologies in their strategic conversations and others focus their technology attention on cybersecurity, delegated to the Risk or Audit Committee. This will be insufficient going forward.
For boards to fulfill their primary roles of stewardship and guiding strategy, directors need to be interested in how evolving technologies will likely impact their organization and their competitive landscape. Boards should be embarking on their own digital transformation which we recommend would involve board-level education, having the nomination committee prioritize digital directors, and establishing a customized series of digital impact reports with read-outs being a standing agenda item.
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