The commercial metrics presented to your board were built to communicate confidence. I want to ask you whether that is the right objective for a reporting system that you are also trying to govern from.
Board reporting in financial services has a long tradition of presenting the best coherent narrative the available data supports. That tradition is understandable. Investors and board members respond poorly to uncertainty and well to confidence and reporting systems evolve over time to produce confidence as their primary output. The problem is that a system optimised for confidence will continue to produce confident outputs even when the commercial reality underneath it is deteriorating. It is built to smooth and it smooths the signals a genuinely governed system would be acting on.
I have sat in board sessions where the reporting was excellent and the commercial reality was significantly below what the reporting was describing. The reporting was not wrong. It was optimised for the wrong objective.
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