: How AI can make directors more effective
Kuala Lumpur, 23rd July 2019 – As part of a latest innovative drive to target board directors, MyFinB has developed a solution that can dramatically change the way they carry out their fiduciary duties using A.I. called RoboBoard.
RoboBoard can help Directors in 4 key areas such as:
1. rationalise the decisions made and support with accurate facts and figures.
2. compress 300-page board papers into a 10-page analysis and insights – with an option to drill down into more details.
3. predict potential scenarios and link back to what has been discussed at the Board/AGM sessions.
4. help Board monitor the effects and quantify impact of decisions made.
A recent report by PWC revealed 91% of directors say their boards are taking steps to increase diversity. RoboBoard would therefore be a necessary technology to assess the degree of diversity within the board and recommend an action plan to enhance board performance through diversifying the board.
The PWC report also highlighted that 45% of directors think at least one person on their board isn’t measuring up. In response to the statistic, RoboBoard will be critical to reduce redundancies and allow Directors to step up and contribute at the highest level.
According to MFB CEO, M Nazri, “The board plays an important role and that is to ponder these critical questions relative to its business’s future and the BOD’s role: such as does the organization currently have the necessary resources to achieve its long-term objectives. Conversely, do we have directors who are not adding substantial value toward the goal of building an exciting future for the business? What types of directors are needed to close the critical gaps identified?”
“We can use A.I. to find the right balance by determining the optimal mix of directors that can fit into the long-term objectives of the organisation,” he added.
RoboBoard is now being marketed and distributed to various associations and directly to directors in more than 10 countries worldwide. This reveals the worldwide urgency for innovations like RoboBoard to help directors align the interests of board, management, shareholders and stakeholders. With evidence-based road maps and action plans, Boards will be able to practice good governance.