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Synopsis

A Deloitte study discovered that while Financial Statement Item (FSI) companies were maintaining governance and oversight, only 41% revealed whether risk management and oversight at the company aligned with strategy. This signaled a need for increasing disclosure regarding governance and risk oversight and led to the creation of the Deloitte Governance Framework. In our turn, we developed a Deloitte Governance Model presentation that allows you to reap the benefits of this model and improve clarity, visibility, coordination and effectiveness within your organization.

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50 questions and answers
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The Deloitte Governance Framework was created in response to a need for increased disclosure in governance and risk oversight. This was identified in a Deloitte study which found that only 41% of Financial Statement Item (FSI) companies disclosed whether their risk management and oversight aligned with their strategy. The framework aims to improve clarity, visibility, coordination, and effectiveness within organizations.

The key takeaways from the Deloitte study on Financial Statement Item companies are that while these companies were maintaining governance and oversight, only 41% revealed whether risk management and oversight at the company aligned with strategy. This indicated a need for increased disclosure regarding governance and risk oversight, leading to the creation of the Deloitte Governance Framework. This framework aims to improve clarity, visibility, coordination, and effectiveness within organizations.

The Deloitte Governance Framework can be adapted to different types of organizations by aligning it with the organization's strategy and risk management. It can be customized to improve clarity, visibility, coordination, and effectiveness within the organization. However, the specifics of how it can be adapted would depend on the unique needs and structure of each organization.

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Slide highlights

Use this slide to walk your audience throughthe factors that make the Governing Operating Model effective. They include board oversight and responsibilities, committee authorities, organizational design and more.

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With this slide, demonstrate Deloitte Governance Framework in action in relation to staff development. Include photos of the staff from various departments and facts about their performance, contribution, compliance.

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49 questions and answers
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Some ways to improve the effectiveness of the Governing Operating Model include enhancing board oversight and responsibilities, refining committee authorities, and optimizing organizational design. It's also beneficial to focus on staff development and ensure compliance with the Deloitte Governance Framework.

The Deloitte Governance Framework impacts staff compliance by setting clear expectations and guidelines for staff behavior and performance. It provides a structure for accountability and responsibility, which helps ensure that staff members comply with company policies and procedures. The framework also includes oversight mechanisms, such as board oversight and committee authorities, which monitor staff compliance and address any issues that arise.

Staff compliance in the Deloitte Governance Framework can include adhering to the established organizational design, following the responsibilities set by the board, and complying with committee authorities. It also involves contributing positively to the organization and maintaining high performance standards.

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Benefits

Per Deloitte, "a governance operating model is the mechanism used by the board and management to translate the elements of the governance framework and policies into practices, procedures, and job responsibilities within the corporate governance infrastructure." And the benefits of using it include:

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The best practices for implementing a governance operating model include: understanding the current state of governance, defining the desired state, identifying gaps, and developing a roadmap for transition. It's also important to ensure that the model is aligned with the organization's strategy and culture, and that it's flexible enough to adapt to changes. Regular reviews and updates are also crucial to ensure its effectiveness.

A governance operating model supports decision-making processes by translating the elements of the governance framework and policies into practices, procedures, and job responsibilities within the corporate governance infrastructure. This allows for a structured approach to decision-making, ensuring that all decisions align with the organization's governance framework and policies.

Some of the challenges in implementing a governance operating model may include: understanding and translating the governance framework and policies into practical procedures and job responsibilities, ensuring all stakeholders are on board and understand their roles, dealing with resistance to change, ensuring compliance with the model across the organization, and continuously monitoring and updating the model as necessary.

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  • Improved clarity–the board and management often run into a problem of translating governance principles into practices. The governance operating model makes a useful tool for the board to solve this problem by defining the roles, responsibilities, accountabilities, information flows and guidelines needed to implement governance.
  • Greater visibility–to ensure that governance responsibilities are fulfilled, the board needs a clear understanding of management's decision-making and risk-management processes, which can be established by stating the types and amounts of investments and transactions and the risk exposures.
  • Improved coordination–coordinated action requires balancing considerations regarding centralization vs decentralization and considering local business, customer, compliance, legal and other needs, which the model should be able to address, the experts say.
  • Increased effectiveness–a model with specific data that the board and its committees require may serve the board in executing governance more effectively.
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The governance operating model should be able to address needs such as improved clarity, greater visibility, improved coordination, and increased effectiveness. It should define roles, responsibilities, accountabilities, information flows, and guidelines needed to implement governance. It should provide a clear understanding of management's decision-making and risk-management processes. It should balance considerations regarding centralization vs decentralization and consider local business, customer, compliance, legal, and other needs. It should also provide specific data that the board and its committees require.

The governance operating model aids in defining information flows by establishing clear roles, responsibilities, accountabilities, and guidelines. This model provides a framework for how information should be shared and processed within an organization, ensuring that all relevant parties have access to the necessary data for decision-making and risk management. It also helps in coordinating actions and balancing considerations regarding centralization versus decentralization.

The types and amounts of investments and transactions needed for effective governance are not explicitly stated in the content. However, it is implied that the board needs a clear understanding of management's decision-making and risk-management processes, which can be established by stating the types and amounts of investments and transactions and the risk exposures. This information is crucial for the board to ensure that governance responsibilities are fulfilled.

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Application

Performance Management platform, SpriggHR, recommends to follow the three-step approach when establishing or improving a governance model:[/test]

  1. Define the operating requirements for your governance model – research frameworks that will best fit your organization's needs (use our Business Strategies and Frameworks (Part 1) for over 140 additional options). Factor in any applicable regulatory, operations or legal requirements. Then assess and understand the scope of your operations to determine its strengths and weaknesses.
  2. Design the governance operating model –define the main accountabilities within your governance model, plus, any decision rights and create the roadmap for escalating matters up to the relevant levels of authority.
  3. Implement the governance model–make setting up a schedule for regular reviews of the model by the board a part of the implementation process. Bring third parties to participate in reviewing the plan, including the examination of the components and how they are working for the organization in action.
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Case study

The case for an updated health care data governance framework

To demonstrate its framework at work, Deloitte published a case for an updated health care data governance framework on its website. Here's what you can learn from it.

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Challenge

The scarcity of research data and efficient ways to curate and share knowledge in childhood cancer research.

Methodogy

Deloitte applied its Governance Framework to come up with the steps Principal Investigators (PIs) and funding institutions can take to facilitate data governance and sharing for childhood cancer research:

  • Privacy and security – given the limited availability of childhood cancer data, researchers must prioritize open-ended participant consent to share data. Funding institutions should invest in the latest identity and access management (IAM) technology to facilitate secure access to data.
  • Open science – PIs should take an active and early role to share data with participants and future researchers. Additionally, funding institutions should mandate return-of-results to participants.
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Result

The flexibility to query an extremely complex patient phenotype from medical records, when coupled with methods for representing genotypes, demonstrated how researchers can benefit from increased data access and integration. Also, automating the ability to reason across integrated data sources and providing users who pose inquiries with a dossier of translated answers coupled with full provenance and confidence in the results is critical to accelerating clinical and translational insights, drove new discoveries, facilitate serendipity, improve the clinical‐trial design and ultimately improve clinical care.

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