Skip to content

29 January, 2023

Subscribe Advertise About Us
  • My Account
  • Register
  • Log In
  • Log Out

Board Agenda

  • Governance
  • Strategy
  • Risk
  • Ethics
  • News
    • Categories

      • View All
      • Board Moves
    • stakeholder governance

      Threat to stakeholder governance from Twitter sale ‘overstated’

      Academics and experts argue stakeholder governance will always come second while the law puts the...

    • Davos resilience News round-up: this week in governance

      Lessons from Davos; companies risk sliding back on ethical practices; economics affects everyone; Sir John...

    • audit reform UK Audit reform in the UK risks ‘losing momentum’

      The Financial Reporting Council still awaits the proposed new statutory powers that would allow it...

  • Insight
    • Categories

      • View all
      • Governance
      • Strategy
      • Risk
      • Ethics
      • Board Expertise
      • finance
      • Technology
    • climate litigation

      Climate litigation: how 2022 will shape 2023

      This past year saw a rise in climate litigation, with a focus on the commercial...

    • value whistleblowing

      Why we need to value whistleblowing

      Encouraging staff to speak up and stop harm can reduce legal and reputational risk—both for...

    • HR corporate trust

      HR: How to build employee trust in corporate culture

      The right HR director is essential to lead on a culture that gets the best...

  • Comment
      • View all
    • A week of business moving to the centre of human rights

      A week of events signals the initiatives underway to have companies play a central role...

    • audit reform IIA Why we need audit reform right now

      There is an "urgent need" for reform to the audit landscape as well as internal...

    • climate change energy crisis Sustainability and climate change: the other energy crisis

      The world is addicted to cheap energy. We need to admit this and have the...

  • Interviews
      • View All Interviews
      • Podcasts
      • Webinars
    • Board priorities 2023 Board priorities 2023: tact, trust and transparency

      We asked key figures what would help boards this year. The answers ranged from 'smarter...

    • Group of investors/shareholders in glass building Climate issues likely to figure prominently at next year’s AGMs

      A recent webinar heard that say-on-climate voting is expected to rise, while ESG remains a...

    • NEDs role NEDs ‘needed more than ever’ in times of uncertainty

      The non-executive director’s role is to both challenge and listen to management, agreed the panel...

  • Careers
      • View all
      • Selection
      • Board Moves
    • NED recruitment News round-up: this week in governance

      Your country needs NEDs; governance does not compute; financial firms get more women on board;...

    • HR corporate trust HR: How to build employee trust in corporate culture

      The right HR director is essential to lead on a culture that gets the best...

    • powerful CEOs Boards want powerful CEOs in tough times

      Single-minded chief executives have greater staying ability when business conditions are uncertain, research finds

  • Resource Centre
      • White Paper Downloads
      • Book Reviews
      • Corporate & Advisory Services
    • Edelman Trust Barometer 2023

      2023 Edelman Trust Barometer

      The report is the result of the Edelman Trust Institute's research, which sampled more than...

    • Sophos 2023 Threat Report

      Barriers to entry for would-be cybercriminals are lower, with tools and tactics becoming available to...

    • The C-Suite Outlook 2023: On the Edge

      The Conference Board 2023 C-Suite Outlook survey reveals the events that C-suite executives see as...

  • Events
  • Search by topic
    • Governance
    • Strategy
    • Risk
    • Ethics
    • Regulation
    • ESG
    • Investor Relations
    • Selection
    • Board Expertise
    • finance
    • Technology

Boards ‘should add technology to governance concerns’

by Gavin Hinks on September 8, 2021

At a recent webinar digital strategist Clara Durodie called on financial services boards to consider technology as part of an ESG strategy.

Remote worker using networked devices

Image: TippaPatt/Shutterstock.com

Financial services boards should be adding a “T” for technology to their headline ESG concerns if they wish to properly adapt to managing modern businesses in the wake of the pandemic.

The warning comes from Clara Durodié, a non-executive director, digital strategist and author of the bestselling business book Decoding AI in Financial Services, speaking at a Board Agenda webinar.

She warned that financial services companies face a host of technology issues when it come to the adoption of technology which, at its core, she adds, is about using artificial intelligence.

Durodié called on boards to reflect on the ESG narrative, and add a T for technology because it touches on so many governance concerns.

“We, as either companies building this technology or using and maintaining it, need to ask ourselves a lot of questions regarding the ethical audibility, transparency of the systems and how we can correct them when they’re getting thing wrong,” she said.

Hybrid working

Durodié was speaking as part of a panel of experts discussing the future of financial services in a post-pandemic world. Fellow panellists include Professor Kern Alexander of the University of Zurich and Elisabeth Stheeman, an external member of the Bank of England’s financial policy committee and a former adviser to the Prudential Regulation Authority.

Durodié added that after the pandemic she believes there will be many gains as staff work from home. But remaining in a hybrid working mode means relying on technology and that entail some “core considerations” including security.

“Cybersecurity is a huge conversation we need to have with continuous monitoring. But also we need to train people to use systems safely,” she said.

She also advocated for a reconsideration of the way work is monitored. Tracking technology, she said, is one way to introduce surveillance.

“I hear a lot of heads of HR saying, ‘We need to have this so we are 100% sure that people actually spend the time working we pay them for’.

“My submission is that we need to use the Covid crisis to redefine the way we trust people and the way we engage with staff.

“Using software to track people’s eyeballs while they’re working on different documents—that’s not the way to build trust, I would argue. There are other ways.”

Alexander warned that regulators have been looking at the implications of more working from home for financial services firms. He said home-working creates both operational and technological risks. “These are the things regulators are concerned about,” he said.

Unexpected crises

There has been much learning as a result of the pandemic. “Regulators and bank boards have learned that there needs to be a focus on what happens if an unexpected crisis happens,” said Alexander. The pandemic raised questions about issues as diverse as share buybacks, dividends and bonuses.

“It’s not just something for the board to decide,” he added. “The board needs to have a very interactive relationship with the bank supervisor and be sensitive about what in normal times would be considered an ordinary practice.”

Elisabeth Stheeman said more mundane banking subjects were raised by the crisis too, such as lending portfolios which may be transformed by Covid, especially for specific industry groups such as hospitality, travel property and airlines. And while ESG has been lifted up the agenda by the pandemic, financial services will also have an emphasis on the “S”— social, Stheeman said.

“What’s particularly changed and increased in focus is the social. So, having a bigger focus on employee wellbeing and bringing that up more on the board’s agenda, which I certainly think is a good thing.”

You can register for this webinar here 

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • Mail

Related Posts

  • Are UK corporate governance rules leading to market malaise?
    January 14, 2022
    Share listings board

    A recent article argued the UK needs "more directors who understand risk-taking, not virtue signalling" if London is to regain its status.

  • How to build strong governance ahead of an initial public offering
    November 22, 2021
    IPO on stock ticker

    An IPO sees a company open itself to the scrutiny of thousands of investors. A strong governance structure is essential to minimise risks.

  • Boards 'face data challenge' as digital tools transform governance
    October 2, 2021
    Digital code on skycrapers

    Directors must learn how to harness and analyse the vast quantities of data that are being created and collected by organisations.

  • Why do boards fail?
    July 8, 2022
    board meeting

    We can learn from governance first principles to build better boards, which can enable organisational success and create lasting value.

For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda

corporate governance, cybersecurity, ESG, financial services, remote working, strategy, Technology, webinar

Search


Sign up to our Newsletter

Receive independent news, thoughtful journalism & expert insights about leadership, corporate governance & key boardroom issues straight to your inbox every week.

SIGN UP

Follow Us

 

 

 

 

Most Popular

  • Audit reform in the UK risks ‘losing momentum’
  • Activist investor campaigns rise back up to pre-Covid levels
  • How to ensure stakeholders trust your sustainability reporting
  • Elon Musk weighs in against ISS and Glass Lewis
  • Climate litigation: how 2022 will shape 2023
 

Featured Partner Profile

Diligent

Diligent

Diligent Corporation, which was founded in 2001, is headquartered in New York, NY with a European HQ in London. Diligent’s modern governance platform empowers leaders and teams at every level of the organisation to digitally transform and create ...

Featured Partner Resources

2022 AGM Season Forecast: An Eye on The Horizon

To help prepare for AGMs in 2022, Equiniti (EQ) hi...

Stakeholder Engagement: A Roadmap for UK Plc Boards

This guide aims to provide directors and their col...

Digital Boards: How Technology Adoption is Driving Culture Change and Resiliency

Digital tools proved their worth to boards during ...
Leadership in AI report

Leadership in AI

This report from Board Agenda and Mazars, in assoc...
Creativity in a Crisis: a Boardroom Map for Innovation

Creativity in a Crisis: a Boardroom Map for Innovation

In the uncertain times at the height of any crisis...
Board Directors Guide to D&O Liability Insurance - November 2020 - AIG & Board Agenda

Board Directors' Guide to D&O Liability Insurance

Directors face liability over a range of new threa...
Leadership-in-Risk-Management-Board-Report

Leadership in Risk Management: Board Report

Board Agenda, in association with Mazars and INSEA...
Director's Guide to Internal Investigations

A Director's Guide to Conducting Internal Investigations

An internal investigation must be handled meticulo...

 


 

ADVERTISE – FREE CORPORATE LISTING

FREE - Add your company profile to our Corporate & Advisory Directory.
ADD

ADVERTISE – PROMOTE YOUR REPORTS & WHITEPAPERS

FREE - Add your company profile to our Corporate & Advisory Directory.
Add Resource

Register Free

Register to receive free article views, selected resource downloads, and all the latest news alerts straight to your inbox. Register


  • Editors & Contributors
  • Editorial Advisory Board
  • Corporate & Advisory Services
  • Media Marketing Solutions
  • Contact Us
  • Careers
  • Board Director Network
  • Terms & Conditions
  • Privacy Policy
  • Cookies
  • Sitemap
|