As part of Governance, what is the main responsibility of senior management?

The main responsibility of senior management within the framework of Governance is to develop business strategies. This involves setting the long-term vision and objectives of the organization, ensuring that the strategies align with the overall goals, and guiding the company's direction in a way that balances stakeholder interests and operational capabilities. Senior management is tasked with making critical decisions that shape the business's future, whether it's entering new markets, reallocating resources, or responding to changes in the industry.

In addition to strategy development, senior management plays a pivotal role in creating a governance structure that supports effective decision-making and compliance with regulatory requirements. By establishing the strategic vision, they ensure that all organizational activities are aligned with those strategic goals, which is essential for sustained growth and success.

While evaluating employee performance, conducting market research, and implementing technology solutions are important activities within an organization, they typically fall under the purview of mid-level management or specific teams. Senior management's focus on strategy is central to governance as it lays the foundation for how the organization operates and behaves in various situations.