Look around the boardroom. What’s working? What could be better? In our 2015 Annual Corporate Directors Survey, we asked financial services directors to tell us about the challenges they face. And they did: we heard candid opinions about succession planning, activists, risk management, cybersecurity, and more. How can boards get better at what they do? How can directors stay on top of a flood of information and make their oversight role more manageable? See how your board stacks up.
In the history of corporate America, few director groups have been subject to more regulatory scrutiny, risk, and stress than those of banking and capital markets (BCM), insurance, and asset and wealth management (AWM) firms. And it’s not getting any easier. With so much information for FS directors to absorb, so many risk-related tasks to embrace, the job can seem overwhelming. Managing it all is a team effort. Boards are getting more involved than ever putting those teams together, monitoring the talent pipelines within the organization, and thinking about the qualifications and competence of fellow directors. The stereotypical bank board has given way to a more diverse group with a wider variety of backgrounds, skills, and experiences.
Our survey shows that FS boards are responding to these and other challenges with growing amounts of diligence and time. Among the key findings:
Given the challenges, everybody at the table is expected to contribute. FS directors need to have the skills and time to do the job effectively, as well as the ability to adapt as priorities change. Fortunately, there’s no need to go it alone. There are steps directors can take to stay on top of reporting, hold more productive meetings, and more. By focusing on industry leading practices, they may find that they get better results and enjoy the process more. That’s a benefit for everyone.
Leader, Governance Insights Center
Tel: +1 (646) 471 1881
John W. Stadtler
US Financial Services Leader
Tel: +1 (617) 530 7600
Financial Services Advisory Risk Leader
Tel: +1 (646) 471 3724
Financial Services Cybersecurity Leader
Tel: +1 (312) 298 2745
Tel: +1 (646) 471 8897