The board's most important governance question may be the one it never asks: is the portfolio management is building actually aligned with the strategy the board approved. Assessing exposure to strategic drift is how the board fulfills its oversight duty.
A stress test for the board: if the unprofitable segments in your portfolio doubled in capital consumption, what would fail first - earnings, capital ratios, rating-agency confidence, or the board's own ability to govern? Answering that question is the board's risk-appetite obligation.