CICA 20 QUESTIONS Strategy - Institute of Chartered Accountants ...

Appendix 1. Constructive Involvement: Board and Management Roles and Responsibilitiesfor Strategic Plans and PlanningThe following table lays out one recommended framework in whichthe responsibilities for the organization’s strategy and strategic planningare divided between the Board and senior management.The precisedivision of responsibilities will depend on the size, complexity andresources of individual organizations. Each organization shoulddetermine the planning responsibilities of its Board and managementafter considering the nature of the organization, the composition of theBoard, and any specific regulatory requirements.TASKDeveloping a strategic planning processAssessing and approving the strategic planning processDeveloping the mission, vision, and values (1)Assessing and approving the mission, vision and valuesDeveloping the objectivesAssessing and approving the objectivesRESPONSIBILITYManagement BoardXXXXXXIdentifying the business arenasAssessing and approving the business arenasData collection and analysis with respect to the strategic plan(See Appendix 2)Preparing the written strategic planAssessing and approving the strategic planScheduling strategic planning and strategy review meetingsPreparing operating plansPreparing budgetsApproving budgetsPreparing reports on the organization’s strategic progressand accomplishment of strategic objectivesMonitoring the execution of the strategy and its achievementApproving changes to the strategy as warrantedXXXXXXXXXXXX(1) while traditional practice generally restricts Board involvement to the assessment andapproval of the mission, vision and values, recent research suggests that superior organizationalperformance and innovativeness occurs when Boards are more active participants in thedevelopment of these strategic documents.12