It's time for company boards to create technology committees
Adani Power has a charter that focuses more on cyber security needs and offers a good blueprint for the energy sector in India. At Hong Leong Bank in Malaysia, there’s an information and technology committee that boasts of a very detailed charter for tech oversight, with a special emphasis on cyber resilience.
Tech committees should budget for external advisors. Given the complexity and lightning pace of change, they can’t hope to know everything from within their membership, or even management.
They must be assured resources to tap external consultants for advice on technology, apart from legal, compliance, privacy and ethical issues. Given the speed with which technology impacts business, it’s advisable to ensure your committee’s charter spells out a specific mandate to act as the eyes and ears of the board on issues like AI, cyber risk and data regulation.
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