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Reporting and Action
| PRA - Effective Boards
" Good governance is critical to delivering a sound and well-run business: and at the centre of good governance is an effective board. The first responsibility for maintaining the safety and soundness of a bank, insurance company or any other regulated firm lies with the board. Failures of governance or the management of risk by boards have been a key factor in many of the major financial sector failures of recent years. It is axiomatic therefore that the PRA has a major interest in promoting good governance across the financial sector and supporting the work of boards in delivering it."
PRA Corporate governance: Board responsibilities
Evaluation - how effective is your follow-up? Does anyone really fully follow-up on a Board Review? Do you have Action Plans that are utilised to their full potential?
Often a Board Review or Evaluation is a tick-box for regulatory compliance with Board members nodding sagely as the things they knew were awry show on the results. Apart from sighing does anything really get resolved? If the tick-box approach is used a valuable opportunity is overlooked. A good evaluation should include:
- Detailed findings
- Undeniable conclusions
- Robust recommendations
- An Action Plan
- Evaluation effective follow-up
Often the Action Plan is either ignored or debated and then allowed to slide to the bottom of the 'to do' pile. Having an outside pair of hands to support you in bringing those Action Plans to life and following through can relieve the time pressure and where the action is sometimes unpalatable makes it easier with an external evaluator/facilitator. Examples might include:
- Individual performance
- Board composition
- Leadership issues
- Board information flows and processes
- Board packs
BP&E Global specialises in reviews and evaluation for FTSE 350 firms, trustees and not for profit organisations. Our many years of knowledge and expertise has been gained through a background in financial services and regulation. BP&E will discuss your requirements with you in confidence. Contact us now...
More on Board reviews and evaluations here...
BP&E Global - because Board Performance Matters