The new ISO 37000 Standard for governance of organisations examines the area of strategy in relation to the value generation model.
Most organisations will be appraised of strategy and its concepts. The new ISO 37000 Standard suggests that strategy should follow:
- Set strategic outcomes
- Establish governance policies
- Engage with the strategy
- Steering the strategy
The executive within an organisation should clarify its intentions by setting out clear strategic objectives and outcomes and how this strategy will be achieved over time.
The external and internal issues should be considered whilst developing this strategy and use of the value generation model within the Standard is advised.
Clear timescales for outcomes of strategic objectives, together with transparent data on performance of these targets is suggested.
The governing body should establish the risk appetite of the organisation and ensure that this is suitably communicated to stakeholders.
The interfaces between environmental, social, and economic boundaries should be clarified and considered within the context that the business operates.
Financial and natural resources should be further considered.
Impacts of the organisation’s activities upon the wider community and stakeholders should be defined within the strategic plan.
Strengths, weaknesses, and opportunities should be realistically established.
The strategic plan then should be approved by the governing body and communicated to the interested parties and should be periodically reviewed.
For further information and to book your ISO 37000 survey please contact: Marcus J Allen at Thamer James Ltd. Email: email@example.com
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and holds a master’s degree in Management Learning & Change from the University of Bristol.
Marcus is a Fellow of the Institute of Consultants and Fellow of the Chartered Management Institute. In addition, Marcus is a member of BSI Committee G/1 Governance.