For new governance professionals, learning the right skills early on can pay dividends in your career. Whether you are navigating the intricate web of corporate compliance or steering the ship through regulatory challenges, the demand for skilled governance professionals is higher than ever. If you are just stepping into this dynamic field, here are some essential skills that will set you on the path to success.
Soft skills
Effective communication is at the heart of successful governance. Whether you're drafting policies, presenting compliance reports, or facilitating board meetings, the ability to articulate complex information in a clear and concise manner is key. Communication also extends to active listening, fostering collaboration, and building relationships with stakeholders across the organisation.
For governance professionals, the board is a critical stakeholder. Being able to manage board relationships, facilitate effective meetings and provide valuable insights to board members are essential skills. This involves not only understanding the governance structure but also having the interpersonal skills to navigate different personalities. The past few years have demonstrated that now, more than ever, boards must cooperate in order to meet the challenges of a rapidly shifting social and political landscape. We offer training for governance professionals at all levels for how to tackle boardroom dynamics.
Technology
In the era of digital transformation, governance professionals need to be comfortable navigating a tech-driven environment. From implementing governance software to understanding cybersecurity risks, a proficiency in technology is crucial. Embracing tools that streamline processes and enhance efficiency will set you apart in a rapidly evolving corporate world.
With the advent of ever more powerful AI enhanced tools, it is important for governance professionals to have an understanding of the potential applications and implications. For instance, while utilising an open-source AI tool to assist in writing sections of the board report could be a way to free up time for more strategic concerns, it also presents a risk since much of the report is confidential and an open-source tool accumulates the data that is fed into it. Furthermore, AI tools have a reputation for inadvertently ‘hallucinating’ facts, so fact-checking and verification of any AI-generated content is crucial.
Risk management
In the intricate landscape of corporate governance, the imperative for governance professionals to comprehend and manage risk adeptly cannot be overstated. Understanding risk is not merely a precautionary measure; it is a strategic necessity. A comprehensive grasp of risk allows governance professionals to identify potential threats to the organisation, assess their potential impact and implement proactive measures to mitigate them.
No one knows what 2024 may hold. Therefore, governance professionals equipped with a nuanced understanding of risk management play a pivotal role in steering organisations away from potential pitfalls. By weaving risk management into the fabric of their decision-making processes, these professionals contribute not only to compliance and resilience but also to the long-term success and sustainability of the organisations they serve. In essence, the ability to navigate and manage risk is a linchpin in the effective governance of modern enterprises. You can find out more about risk management through our e-learning module: The Fundamentals of Risk Management.
If you wish to refresh yourself on the core skills of governance, or to see how your current skillset matches, use our competency framework. The framework is broken down into three sections, covering knowledge, practice and values. The Institute also offers a wide range of governance training courses to develop your skills to the next level.
