Deloitte Governance Model

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.

Questions and answers

How does the Deloitte Governance Framework address the need for increased disclosure in governance and risk oversight?

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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.

What are the key takeaways from the Deloitte study on Financial Statement Item companies?

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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.

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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.

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.

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:

Questions and answers

What are the best practices for implementing a governance operating model?

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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.

How does a governance operating model align with an organization's policies?

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A governance operating model aligns with an organization's policies by translating the elements of the governance framework and policies into practices, procedures, and job responsibilities within the corporate governance infrastructure. This mechanism is used by the board and management to ensure that the policies are effectively implemented and adhered to within the organization.

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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.

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.

Case study

The case for an updated health care data governance framework

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

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.

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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