The difficult question of how boards should deal with the financial crisis is discussed by top consultants Ram Charan and Tom Neff via an interview by Geoff Colvin at Fortune.
Charan believes targets for management must be rethought. He warns that old targets cannot be used with small modifications and that "in this era, survival may be an issue".
Neff believes boards should "spend more time thinking about the unthinkable – scenarios that would have seemed irrational, maybe unimaginable, just a year ago".
According to Neff, boards also need to place more focus on enterprise risk management; they need to think about the risks inherent in the business model, and the global risks that could affect their business.