Boards are bolstering their expertise as they look to tackle one of the biggest business threats facing financial services firms: the risk of cyber-attacks. But experts warn that resilience needs to be hard-wired into the business itself.

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.

Since the collapse of Lehman Brothers and the ensuing crisis, the global financial system is safer and more robust, with stronger governance and regulation. But there remain striking differences between the structure and governance of US and European banks, which only the next crisis will truly put to the test.

In the decade since the collapse of Lehman Brothers triggered the global financial crisis, governance and leadership roles in banking have been transformed for the better. But is it now time for banks to assess progress, and question whether it is necessary to reduce the regulatory burden and the increasingly one-size-fits-all approach taken by supervisory bodies?