We are excited to announce a new partnership between Trusted Services (TSV) and the Singapore Institute of Directors (SID). Through this collaboration, SID's corporate members can now take advantage of an exclusive offer for Board.Vision, an advanced board management software developed by Trusted Services.
Board.Vision is a leading platform in the board management space, trusted by top companies in Singapore and internationally. It is designed to streamline and enhance board activities, providing a comprehensive enterprise solution that centralizes all corporate records and actions. The platform serves as the system of record for corporate secretarial teams, consolidating all board-related activities in one place.
Workflow management for board resolution approvals
Enhanced collaboration among board meeting participants
Scheduling coordination for board meetings
Simplified Director’s Disclosure process to ensure compliance with Section 165 and Section 156 of the Companies Act
Integration with e-signature platforms for seamless document signing
Security is a top priority for Trusted Services. Board.Vision has achieved ISO 27001, 27017, and 27018 certifications, ensuring the highest standards of data protection and security.
Starting immediately, all SID Corporate members are eligible for a complimentary 3-month trial of Board.Vision. At the end of the trial, members can enjoy a 30% discount off the standard list price for the full range of Board.Vision solutions.
To claim this exclusive offer, simply email info@trustedservices.com.sg quoting “SID Partner Benefits for Corporate Members”
We are thrilled to offer this valuable tool to SID members and look forward to supporting your organization’s board management needs.
The transition for Singapore’s new Prime Minister has been seamless, in stark contrast to many other nations. The global political landscape has and continues to face numerous impending elections with the presidential election in the US being of key interest to nations and corporations across the world. Each election brings with it market implications locally and some globally.
Leaders across the globe are pondering questions such as: “What if Trump wins the 2024 election? Will the Israel-Hamas conflict escalate into a regional war? How will global supply chains be affected by potential disruptions? Will climate change severely impact food and water supplies, leading to further conflicts? These underscore the volatile, uncertain, complex, and ambiguous (VUCA) nature of our times.
Need for Strategic Business Planning
In the well-read Sun Zi’s “Art of War”, the sage highlighted that it is impossible to predict outcomes with absolute certainty in a VUCA environment. He advocated meticulous preparation and planning, or what we today, in our context, call ‘Strategic Business Planning’ (SBP). Prior to the COVID-19 pandemic, many leaders viewed SBP as a waste of time. However, the pandemic highlighted its necessity for organisational survival and resilience.
Critics of SBP argue that its usage is limited by the unpredictability of future events. Yet, this unpredictability makes collaborative strategic planning even more critical. Navigating in a VUCA environment demands agility, adaptability, creativity, and strategic thinking from the entire leadership team. A well-tuned leadership team, familiar with market trends and patterns, can swiftly regroup and adjust strategies in response to significant changes. The SBP process — encompassing team deliberations on market intelligence analysis, self-evaluation, scenario formulation, strategising, and planning — is more valuable than the plans itself. While strategic direction and plans are dynamic and subject to changes, having a structured approach ensures that everyone in the leadership team is on the same page, facilitating cohesive action and alignment even when the plans are changed.
Strategic Business Planning at Trusted Services
At Trusted Services Pte Ltd (TSV), our SBP process involves comprehensive environmental scanning, understanding customer and competitor landscapes, relevant startups and technological changes. This enables us to identify driving forces behind trends and patterns of change, which helps us develop future scenarios to proactively create solutions.
Our scenarios provide a framework for deducing ‘Opportunities and Threats’ (OT), revealing what our clients might face, strategising about the future and allowing us to prepare and position ourselves effectively. Additionally, we conduct honest assessments of our internal capabilities and performance relative to our competitors, identifying our ‘Strengths and Weaknesses’ (SW) versus our competitors in responding to the scenarios. This comprehensive analysis informs our strategic planning and decision-making processes.
Effective implementation of strategic plans requires clear assignment of responsibility and accountability, and structured monitoring. Our plans include defined owners, goals, and timelines. During execution, disciplined reporting and monitoring processes, such as quarterly performance reviews are crucial. If goals are not met, root cause analysis and remedial action plans are done and reported.
Benefiting from Strategic Business Planning
TSV had gained much from our experience in doing and executing SBP, e.g.,
Creation of a common context and narrative for the leadership team to rally behind and navigate and forms an anchor point amidst a rapidly changing landscape.
Formation of an agreement between the Board and the senior management team that crystallises the strategy, and the execution plans to deliver its goals.
Alignment of an organisation’s resources in pursuing its strategic objectives in a defined manner, which can be tracked and changed when necessary.
Why it matters
At TSV, our focus is on delighting our clients by anticipating and responding to their evolving needs as we partner them to navigate our dynamic VUCA world. This demands us to have a structured approach that enables our organisation to be aware of its position and to adapt swiftly to changes.
While SBP has its limitations and can be time consuming, there is a greater need for the Board, Management and the Organisation to be aligned, agile and adaptable to deliver and exceed the expectations of our clients based on not just today’s requirements, but, more so for their future needs.
Board.Vision – Board of Directors’ invaluable digital assistant for governance and strategic collaboration
The SBP documents contain the organisation's strategy and plans to deliver on client needs and compete in the marketplace. It is critical that these documents are kept securely as records on the agreed plan between management and board. At the same time, they need to be easily accessible to the Board of Directors and the Management to facilitate strategic collaboration. This is where Board.Vision, a secure digital board management solution, can be an invaluable digital assistant for your organisation.
Viewing Strategic Business Planning Document on Board.Vision
Board.Vision helps to safeguard company records and provide a ‘centralised & secure system of records’ for board discussion and approval. Board.Vision also secures the information and is securely accessible anytime and anywhere on any devices.
Board of Directors having a discussion on Cyber Security and Data Protection policies.
When it comes to the Board of Directors' responsibilities, the Singapore Institute of Directors lays down some important guidelines. Directors must uphold legal duties, acting in the company's best interests with integrity, diligence, and without conflicts of interest. Directors must also task Management with establishing policies and structures to ensure compliance with laws and regulations, fostering an ethical organisational culture, and managing risks effectively.
In today's rapidly evolving technological landscape, Directors must be especially vigilant on information security risks. With advancements like Artificial Intelligence and ever-evolving cyber threats, there's a constant need to safeguard the company and its employees from potential harm.
Most concerning is the vulnerability of employees to social engineering scams, which can compromise both personal and company data. Additionally, the reliance on IT systems to store critical information means that a cyber incident could have catastrophic consequences, from financial losses to reputational damage. In extreme cases, this can be an existential threat!
To address these risks, the Board has two key responsibilities:
Ensure robust cyber security and data protection policies are in place, including protocols for incident response. It's imperative to anticipate and prepare for cyber incidents, with regular testing and validation of these measures. The Board should actively engage with Management to oversee policy implementation and compliance, through sub-committees like the Audit and Risk Committee. Moreover, staying informed about relevant regulatory requirements is crucial.
Recognise the sensitivity of board-related information and the risks associated with its handling. From board papers to resolutions, this data can be extremely sensitive and requires secure storage and transmission. Traditional methods like printed documents and email attachments feel comfortable, but in fact, it can pose significant security risks. Utilising modern board management software, such as Board.Vision from Trusted Services, can enhance security measures and protect against data breaches.
By addressing both these dimensions of cybersecurity and data protection, the Board can effectively mitigate risks and safeguard the company's interests.
In this section, we have curated a wide array of content to help you stay abreast of the most topical and relevant issues impacting corporate governance in the region.
