The data breach involving 87 million Facebook users and Cambridge Analytica, the data analytics firm, was a “profound failure of governance” within the social media business, according to a committee of UK MPs.
An increased focus on risk and compliance for financial services firms has led to a rise in committees, reporting and key performance indicators. But boards must ensure that short-term targets do not hamper long-term strategic vision.
The boards of global financial institutions must have the expertise, diversity and operational understanding to ensure effective oversight, but they must start by setting the company's culture and strategy.
The unprecedented pace of regulatory change in the financial services industry has led to substantial investment in the compliance function, but it needs greater support at board and executive levels in order to be effective.
From compliance to new technology and broader stakeholder engagement, financial services firms today must be fighting fit in order to thrive. Enter the effective board, which must govern like never before. In this special report, we outline six key areas of knowledge and insight to equip boards for the unprecedented challenges ahead.
This past year has been packed with governance events from the launch of new codes, executive pay debates, and leadership behaviour debacles to climate change, cybersecurity scandals and the Khashoggi murder.
Boards of banks face an increasingly broad array of responsibilities when managing foreign subsidiaries, ensuring the parent company has control and oversight without sacrificing independence or creating a culture of complacency.