Clarifying Governance Responsibilities
After joining the board and audit committee of James Hardie Industries, Andrea Gisle Joosen recognized that it was time to go back to school. As a native of Sweden, she knew that it would be a challenge to take on a governance role for a manufacturing company that conducts most of its business in the United States. In an effort to develop a more global view of audit-related issues, she attended the Audit Committees in a New Era of Governance program at Harvard Business School (HBS) Executive Education. She describes what she learned and experienced during her time on campus.
Why did you attend this program?
My primary reason for attending this program was to understand regulations, laws, and best practices. Because the program provided many case studies about real companies, I was able to learn about different boards' responsibilities in a way that wasn't purely theoretical. As a result, I could imagine myself discussing the issues and challenges from the cases with my own company's board.
Have any specific insights stayed with you since you left the program?
Definitely. Before I attended, I didn't realize how big a responsibility but also risk it is to be on an audit committee in an American company. I wasn't aware of all the pressures facing audit committee members, or of the scope of their responsibility and power. Through the cases and discussions, I came to understand that the responsibility of the committee goes much farther than just the numbers. Today, I try to ask the right questions to ensure that I'm not just auditing the numbers, but also examining the company from a legal and commercial perspective.
How would you describe the value of this program to someone who's considering it?
This program would be very beneficial for anyone who needs a more in-depth understanding of board governance and the expectations of audit committees. The program provides a solid foundation for understanding the roles, the responsibilities, and the risks associated with audit committees. That knowledge and understanding will help board members to effectively tackle a company's unique issues.
Did you find value in being immersed in the campus environment?
Yes, it was wonderful to step away from work and immerse myself in the program. I haven’t been a student for quite a while, and I highly enjoyed going back to university. The HBS environment allowed me to focus on learning both in class and by meeting colleagues from around the world. By living on campus and spending lunches, dinners, and breaks with my fellow participants, I was able to get to hear about the issues and challenges they were facing. I would never have been able to make those connections if I had just shown up in the morning and gone home in the afternoon. The quality of the program was also second to none. It was a wonderful experience.
I really appreciated this program and learned a great deal. It was extremely well organized, and all of the professors were very knowledgeable. I especially enjoyed the class participation and open discussions with the professors. I still refer back to the case studies from time to time, so the program continues to be a great reference as well. In fact, I have found that I understand the material even better now that some time has passed.