Dealing with the unknown risks of tech: are boards ready? paid Clifford_Chance
Yet according to a survey of 300 global executives conducted by Clifford Chance and Forbes Insights, less than half believe they have strong in-house capabilities to deal with the legal and regulatory issues of tech-driven growth. Additionally, when looking at specific technologies, only 52% believe their boards have a high level of expertise in automation, 49% in big data and 45% in connected devices.
Businesses need to increase their focus on the opportunities these tools provide while at the same time educating their board members on the evolving risks and regulatory environment. Donald Rosenberg, executive vice president, general counsel and corporate secretary at Qualcomm, a multinational semiconductors and telecommunications equipment company, agrees that boards have to be aware of, and fully understand, their company’s direction.
Some businesses are starting to increase the collaboration between technology executives and their boards as well as enhance technology-focused scenario planning and business resilience . Some have added technology experts to their boards or reshuffled committees’ responsibilities to account for technology innovation. Despite these collaboration and planning efforts, boardrooms have a dangerous blind spot.
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