Directors' Education and Accreditation Program: Competencies
Governance for Directors - This module will introduce you to the general governance standards and principles of current day corporate governance through the following learning objectives:
- Understand why governance is a discipline that needs to operate to standards;
- Understand the reliance which stakeholders place on the Board of Directors;
- Understand the roles of a Board of Directors and of a Director;
- Understand the key tenets to effective governance;
- Understand the separation between governance and management;
- Understand the importance of holding the CEO accountable; and
- Understand where to access information for further reading and ongoing update of knowledge in the governance arena.
Finance for Directors - The directors of any entity must be concerned with the well being of the entity they are entrusted to oversee. Directors must be independent and objective in fulfilling their fiduciary duties. An understanding of the basics of accounting, financial reporting and internal control is crucial to this objective.
The most important aspects of finance for the director to understand include:
- how the Finance organization contributes to the strategic mission
- the integrity of internal controls and financial information
- the integrity of financial reporting
- the regulatory or contractual obligations for financial reporting by the entity
- how entity assets and resources are protected by financial oversight
- expectations of entity stakeholders (e.g., sustainable growth or efficiency)
Strategy and Risk Management for Directors - Boards have a key role to play in strategy and risk management. However, it is not always clear on what that role should be. In addition, there may be challenges in understanding the fundamentals of strategy development and risk management amongst a Board of Directors. This module is designed to address these issues.
At the end of this module candidates will:
- Understand the role of the board and directors in strategy and risk management for the various types of organizations;
- Understand the context in which strategy is developed and organizations operate;
- Understand the fundamental process of strategic management and the director’s responsibility for each aspect of the process;
- Support best practices in the development of strategy;
- Evaluate management’s progress using appropriate tools in monitoring and implementing the desired strategy;
- Understand and counteract the key challenges to strategy development and implementation;
- Understand the relationship between strategy and risk;
- Understand the key concepts and approaches to risk;
- Understand the requirement for and oversight of controls;
- Understand the integrated and strategic approach to risk management - Enterprise Risk Management;
- Ensure that their boards are structured appropriately for risk governance; and
- Understand some of the major emerging risks for organizations.