Bass, Berry and Sims attorneys Kris Kemp and Justin Hay co-authored an article for Directors & Boards detailing how business leaders can and should respond to the rapid pace of technological innovation that is reshaping industries and challenging business models.

In the article, Kris and Justin advocate that boards of public companies should ask management to proactively address opportunities and enterprise risks arising from technological advancements, adopt procedures to ensure board members have relevant knowledge, and implement structures to facilitate fiduciary duties. Cybersecurity risks and compliance with evolving regulatory environments concerning technology, such as the steady stream of new data privacy laws, should also be discussed.

Boards can invite senior technology officers to present recent technology trends and foster a culture of continuous learning and adaptation. Management teams should make day-to-day decisions concerning technology strategy, while boards provide high-level strategic guidance. Establishing technology or innovation committees can assist with oversight and support of technology and innovation-related matters.

The full article, “Boards in an Age of Innovation,” was published by Directors & Boards on December 4 and is available online.