How often has someone said to you, we’re living in a time of unprecedented change?  A lot lately, right? As a result, I’ve found myself participating in many panel discussions on the topic of how Chief Communications Officers (CCO) and their teams can support the Board of Directors during this period of relentless change.

The topic has gained much interest and it’s clear to me that the communications function can become an essential asset to the board by ensuring that it’s armed with timely, relevant, and strategic information. This will not only help the board navigate the changes but also anticipate risks before they materialize. From our discussions the following are some key areas communications professionals should consider focusing on.

Impact areas to address:

1. Reputation and brand: Political changes and policy shifts can threaten a company’s credibility, stakeholder trust and market value. These risks can arise from ethical failures, corporate governance issues, poor crisis response and considerations on when a CEO does or does not speak out on issues relating to the business and its key stakeholders. The communications team should consider how to keep the board informed about potential challenges and offer strategic counsel on any investor activism, regulatory scrutiny and consumer expectations that may heighten reputational vulnerabilities.
2. New policies: Policy shifts on issues like labor rights, healthcare, environmental sustainability, or digital privacy are not just impacting business models but also hitting employees hard. The debate over the demand to bring people back to work or allowing remote working is getting louder. How is the executive team assessing these policy shifts and what’s right for your business? Consider how the communications team can monitor and assess these shifts both internally and externally and offer clear recommendations on how the company should respond.
3. Trade tariffs and regulatory changes: We are seeing significant shifts in trade policies and tariffs that could drastically affect supply chains or international sales. How relevant is this to your business? What steps are being taken to comply and how might it impact corporate culture and talent acquisition. The CCO is well placed to provide the board with insights on how these changes will affect the company’s operations, brand reputation, and financials.
4. Competitor analysis: As changes in government policies affect your business, they will likely have a similar impact on your competitors. Providing the board with competitor intelligence will help a company stay ahead of the curve, not just in terms of compliance but also in seizing new opportunities and mitigating threats.
5. Market dynamics: Any new regulation or policy change will affect the broader market environment, whether it’s through shifts in consumer behavior, competitive dynamics, or public perception. Providing the board with a strategic understanding of these shifts helps inform both short-term and long-term business planning.
6. Governance and compliance: A shift in governance regulations or compliance requirements can put a company at risk of penalties or damage to its reputation. Keeping the board updated on changes in governance frameworks will ensure that the company is always on the right side of the law.
7. The role of AI: One of the biggest ongoing shifts facing businesses today is the rapid deployment of AI technologies. In one panel session we dedicated the entire time to the role of AI in the boardroom. According to research undertaken by the NACD in conjunction with The Data and Trust Alliance, while 95% of Directors believe that AI will impact their business, only 28% say it is a regular topic on the board agenda. The communications team must assess these impacts and help the board understand how they can harness AI to stay competitive while mitigating any associated risks.

By being proactive, the communications team can prepare the board to respond swiftly and strategically to any changes that may arise.

Continuing to be helpful to the board

Once a CCO has established their value to the board during times of rapid change, it’s important to continue providing value in the long term. Regular communication, continued monitoring of the political and market landscape, and proactive strategy recommendations will keep you top-of-mind when critical decisions are being made.

• Stay proactive: Always be looking ahead to anticipate potential risks or opportunities arising from changes in the political or market environment.
• Maintain relevance: Keep your briefings and updates aligned with the business’s strategic objectives. Tailor your messaging to the board’s needs and the company’s evolving priorities.
• Foster ongoing dialogue: Position yourself as an important contributor by maintaining an open line of communication with the board and regularly seeking feedback on the effectiveness of your communications strategies.

Conclusion

I think we can all agree that a business should consider its reputation as its greatest asset which directly impacts customer trust, investor confidence, employee engagement and long-term profitability. And it is the communications function that can work across the c-suite to ensure that it is top of mind in all decisions that are being made. 

Consider what capabilities exist within your communications team and what are the priority areas for your business. Based on this, the CCO may consider creating a SWAT team working more closely with legal, technology, government affairs and investors relations colleagues to ensure the right policy monitoring, briefing documents, messaging and recommendations are being developed. Not only will this engagement be helpful for the board, but it will also highlight the importance of having communications expertise in the boardroom which I believe will pave the way to increase the number of CCOs finding their own seats as Independent Directors in the future.