Latest news with #strategicplanning
Zawya
27-05-2025
- Business
- Zawya
Ministry of Finance holds workshop to boost crisis preparedness and forecasting capabilities
Younis Haji AlKhoori: We are committed to promoting a culture of readiness that empowers our teams to respond swiftly and thoughtfully during times of crisis. Dubai: The Ministry of Finance held a workshop on crisis management and forecasting, bringing together senior government officials and experts to explore best practices in emergency preparedness and strategic planning. The event, held in Dubai, was attended by H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; assistant undersecretaries; department directors; and representatives from the American University of Sharjah. In addition to highlighting the latest international practices in crisis management and forecasting, the workshop aimed to enhance the capabilities of national teams to respond effectively and plan proactively for future challenges. This aligns with the country's efforts to build a flexible government capable of adapting to evolving circumstances. Institutional readiness His Excellency Younis Haji AlKhoori emphasised that the workshop is part of the Ministry's commitment to strengthening institutional readiness. He highlighted that investing in capacity building for crisis management and forecasting is key to ensuring business continuity and improving government performance amid regional and global challenges. 'We are moving forward with our efforts to instill a culture of readiness within the organisational work environment, empowering our staff to make swift, well-thought-out decisions during crises and ensuring sustainable service delivery,' said AlKhoori. Panel discussions The workshop featured three key sessions. The first focused on how to understand and prepare for crisis management, covering topics such as types of crises, response strategies, crisis communication, risk assessment techniques, and scenario analysis. The second session delved into the latest forecasting methods for proactive crisis management, highlighting their role in minimising risks. The third session was dedicated to practical applications and simulated responses, allowing participants to test their decision-making skills under pressure while applying forecasting and risk management tools. Professor Anis Samet, a Finance Professor at the American University of Sharjah and a recognised expert in risk management, sustainable finance, and corporate governance, delivered the workshop. He brings extensive academic and professional experience, having served as a risk management consultant for several prestigious international organisations. His research has been widely published in leading international academic journals. Participants also engaged in interactive discussions with specialists and academics leading the sessions, exchanging insights and experiences aimed at enhancing the efficiency of the government work system to meet future challenges.
Argaam
16-05-2025
- Business
- Argaam
Decoding The Enigma
The codebreakers were not just unravelling a tapestry of encrypted messages but grappling with the ever-shifting sands of the Enigma code that the Germans wielded like a weapon. Each day brought with it not just the challenge of uncovering existing patterns but the exhilarating unpredictability of anticipating fresh alterations in the code's complexities, elements that could change with the dawn of a new day. This resilience and relentless pursuit of meeting a challenge stood out as one of the most memorable scenes in the acclaimed American film The Imitation Game, capturing the intense pressure the team faced as they raced against time to decipher messages that felt as elusive as shadows. Fast forward to 2025, and a similar veil of unpredictability looms over the global economic landscape, which looks replete with surprises after the election of President Donald Trump. His decisions do send ripples through media and markets alike, making the task of strategic forecasting seem almost never ending, as just when one believes they have achieved clarity, new developments reset the situation. Just as the codebreakers had to navigate the shifting variables of the Enigma code, today's leaders and strategists should come to terms with the rapid and often unforeseen changes associated with Trump's unique style in governance. In light of the prevailing unpredictability in today's world, we must critically assess whether our strategic contingency planning is robust enough to navigate the complexities ahead. The recently released annual report of the 2030 Vision rightly emphasizes the significant achievements and the extensive progress made at different sectors under Vision 2030, which has transformed the kingdom and placed it in a markedly improved position on the global stage. But have we truly learned from past events? While these impressive achievements are commendable, they also highlight the importance of maintaining a vigilant mindset and ensuring that contingency plans are in place to address any future uncertainties. Trump's approach often manifests in sudden shifts in policy or rhetoric that can leave observers trying to "decode" his decisions and strategies continually; thus, fostering a sense of resilience becomes crucial, enabling stakeholders in the kingdom to adapt and respond effectively to the dynamic political landscape the new US administration creates. Moreover, it is essential to adjust the expectations and goals of Vision 2030. Such adjustments would ensure that the strategy remains relevant and aligned with external political developments, allowing for a more resilient approach to achieving the kingdom's long-term objectives. Resilience is defined as the ability of a disrupted system to return to the pre-disruption state. In project management and strategic planning, this involves anticipating potential disruptions and developing robust contingency plans to address them effectively. The high tariffs imposed by the US on various countries, chiefly China which promised it would 'fight to the end', lead to a significant shift in global supply chains. For Saudi Arabia, these tariffs would lead sooner or later to increased costs and fluctuating availability of imported materials, a scenario that could directly affect some project timelines. Contingency planning not only mitigates financial uncertainty but also ensures operational continuity, enabling organizations to adapt swiftly to changing market conditions and sustain their growth trajectory. As Saudi Arabia gears up for high-profile events like the FIFA World Cup in 2034, the need for an accurate assessment of time contingencies and cost of some materials becomes critical. Traditional risk assessment methods might not fully capture how such geopolitical disruptions influence local projects. By prioritizing this phase, different sectors – including the energy sector which's exempted from the sweeping US tariffs - can foster a proactive culture that values preparedness, ultimately enhancing their ability to navigate unforeseen challenges. We must try hard to 'decode' the unpredictable signals in a highly dynamic political and economic global landscape. The journey of resilience requires not only acknowledging past disruptions but also weaving them into the fabric of today's strategic planning. In an ever-changing context and a world that only accepts the strong and adaptable, resilience remains the smartest language of survival.
Harvard Business Review
14-05-2025
- Business
- Harvard Business Review
The Best Leaders Ask the Right Questions
Few leaders have been trained to ask great questions. That might explain why they tend to be good at certain kinds of questions, and less effective at other kinds. Unfortunately, that hurts their ability to pursue strategic priorities. Arnaud Chevallier, strategy professor at IMD Business School, explains how leaders can break out of that rut and systematically ask five kinds of questions: investigative, speculative, productive, interpretive, and subjective. He shares real-life examples of how asking the right sort of question at a key time can unlock value and propel your organization. With his IMD colleagues Frédéric Dalsace and Jean-Louis Barsoux, Chevallier wrote the HBR article ' The Art of Asking Smarter Questions.' Key episode topics include: decision-making, problem solving, active listening, leadership strategic planning
Forbes
07-05-2025
- Business
- Forbes
7 Qualities To Bring As You Transition From Executive To Board Member
By C200 Member Bridget Ross Drawing upon your leadership experience, you can bring invaluable strategic value to the board. Lalena Kennedy via Canva Transitioning from an executive leadership role to a board member is both rewarding and challenging. As an executive, you're deeply involved in the daily operations, making decisions that directly impact the company's immediate outcomes. But as a board member, your role shifts to high-level strategic oversight, governance, and long-term planning. This requires stepping back, taking a broader perspective, and guiding the organization's direction without getting mired in the day-to-day execution. Drawing upon your leadership experience, you can bring invaluable strategic value to the board. Your expertise in setting direction, managing teams, and executing strategies equips you to offer insights that will inform long-term planning and high-level decision-making. Moreover, your experience in risk management allows you to help identify and mitigate potential issues, ensuring the company stays on course. By offering operational insights, you can give the board a deeper understanding of the company's strengths, weaknesses, and opportunities—ultimately shaping its future direction from a strategic viewpoint. As you transition into the role of a board member, recognize the qualities that will help you to contribute meaningfully to the organization. While your leadership experience provides a strong foundation, the most effective board members possess a specific set of traits that guide organizations through strategic challenges and long-term growth. These qualities promote the board's success in overseeing the company's vision and mission, while also supporting the executive team in navigating opportunities and risks. Strategic thinking is an important quality for any board member. Effective board members focus on the bigger picture—viewing the company's goals from a long-term, high-level perspective rather than getting caught up in the day-to-day operations. This forward-thinking approach steers the organization through both challenges and growth opportunities. Whether the board is navigating market shifts, evolving technology, or a global crisis, strategic thinking allows members to make decisions that position the company for success in the future, not just today. 2. Financial Acumen Every board member contributes something valuable, but financial literacy is fundamental to offering meaningful input in the boardroom. While not every board member needs to be a financial expert, a solid understanding of financial statements, key performance indicators (KPIs), and the overall financial health of the company is necessary for effective governance. Board members must be able to assess financial risks, evaluate investment decisions, and ensure the company's financial strategies align with its long-term goals. Even if you're not a part of the audit committee, understanding the company's financials—especially when signing off on financial reports—is needed to make informed, impactful decisions. 3. Ethical Judgment and Integrity Effective governance hinges on strong ethical judgment and integrity. Board members must uphold high ethical standards, ensuring transparency and accountability in decision-making. This includes recognizing and addressing potential conflicts of interest to protect the company's best interests. Trust is also necessary—board members must build trust with fellow directors, the CEO, and stakeholders to develop collaboration and effective decision-making. By committing to ethical standards, board members guide the company toward sustainable success while protecting its reputation. 4. Passion for the Organization's Mission Great board members go beyond just advising—they become fully invested in the company's mission and vision. They approach the role with a mindset of "us', believing in the company's goals and contributing to its success as if it were their own. During my early days as a board member, I remember the moment I instinctively said 'we' instead of 'you.' It was a small shift, but it was powerful. It took me from being an outsider to being personally connected to the company's mission. This feeling of ownership is what drives effective board members to actively support the company's growth, not just in words, but in action. 5. Emotional Intelligence (EQ) While board members are often viewed primarily as strategic decision-makers, emotional intelligence (EQ) is an equally important quality for success in the boardroom. The ability to understand and manage emotions—both your own as well as those of others—is often overlooked in high-level discussions, yet it plays an important role in navigating group dynamics. High EQ enables board members to manage interpersonal relationships effectively, read the room, and recognize emotional cues that might otherwise be missed. When tensions arise, emotionally intelligent board members can help de-escalate conflicts, encourage constructive conversations, and ensure that decisions are made with empathy and understanding. Whether it's managing the aftermath of a disagreement or facilitating collaboration across diverse stakeholders, EQ keeps communication flowing smoothly and builds consensus. A Historical Example: Volkswagen Emissions Scandal An example of EQ in action is seen in the way Volkswagen's board managed the fallout from the 2015 emissions scandal. The company had been caught using software to cheat on emissions tests, leading to widespread public outrage, legal action, and severe damage to its reputation. The board had to balance the fallout from the scandal with the emotional reactions of employees, customers, regulators, and other stakeholders. The board demonstrated high emotional intelligence by acknowledging their mistake, admitting fault, and taking full accountability for the situation. Rather than deflecting blame, they communicated transparently and worked hard to regain trust by showing empathy for those affected by the scandal. The emotional impact on the company's employees was significant, and the board responded with sensitivity, offering reassurance and providing a clear path for corrective action. By using EQ, the board was able to keep the organization focused on recovery, showing accountability, implementing necessary changes, and fostering an environment of transparency. This emotionally intelligent approach helped rebuild trust with customers and stakeholders, guiding Volkswagen toward a more sustainable and ethical future. 6. Curiosity and Willingness to Challenge the Status Quo An effective board member is not just there to reinforce existing strategies—they challenge assumptions, ask tough questions, and stay open to new ideas. This willingness to question the status quo may be uncomfortable at times, but it's essential for keeping the company innovative and agile. Curiosity is key—extending beyond the bottom line to understand the people within the organization. Board members must stay engaged with leadership, support the development of a strong leadership bench, and ensure the right people are in place to navigate future challenges. A curious mindset drives board members to challenge existing thinking to adapt to shifts in the market, technology, and consumer behavior. 7. Resilience Boards inevitably face challenges—whether from market disruptions, regulatory changes, or internal conflicts. Resilient board members provide the calm, steady leadership necessary to guide the organization to prepare for turbulent times. Drawing from your own experiences of overcoming setbacks, you can help the executive team navigate crises with confidence, offering valuable perspective during periods of uncertainty. Building resilience throughout your career equips you with the ability to manage pressure and make tough decisions swiftly. Sharing this experience with your fellow board members helps to create flexible thinking so challenges are addressed head-on. By offering insights on overcoming challenges, you help ensure the company remains focused on its long-term goals, even in the face of adversity. Embracing the Role of Board Member with Confidence The transition from an executive role to a board member requires a shift in perspective—bringing strategic insights, leadership experience, and other important qualities to the table. Traits such as strategic thinking, financial understanding, emotional intelligence, and resilience will help guide the organization and support its leadership through challenges. Your experience, combined with these qualities, allows you to contribute meaningfully and help the organization succeed—whether through asking tough questions, offering support, or making sound decisions. C200 member Bridget Ross is an accomplished MedTech executive with expertise in innovation and market creation. She currently serves as a Board Director and Chair of the Nominating and Corporate Governance Committee for LeMaitre Vascular Inc. (NASDAQ: LMAT), and as CEO and Board Director of ChroniSense Medical (now Polso), a digital health company transforming remote patient care and advancing clinical research. She has mentored numerous CEOs through the IGNITE Accelerator and the Canadian Technology Accelerator in Boston. Previously, she had a successful career at Johnson & Johnson, guiding innovations from R&D to market.
