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"...With regard to technical skills, let me be clear, the FSA is assessing whether the board collectively understands and can address the breadth of the business. We do not expect all non-executive directors to be technical experts in financial services and we certainly do not expect every member of the board to have the same degree of technical knowledge. Indeed, if that were the case, it would bring a different set of issues. A diverse board encourages creativity and is less likely to demonstrate ‘group think’ and ‘herd mentality’.
However, having just one non-executive with specific industry knowledge on a large insurance company board is clearly not adequate - as always, it is a question of balance." Hector Sants April 2012
Have you all the essential skills development you need?
To create and maintain an effective Board requires a keen eye, the right induction programme and a good CPD programme to ensure that essential skills development is top of mind, because a regulator is never far away and you want your business to perform well.
When executives are promoted to Board level it may not be that they are ideal Board members by their own personal skill set, but by the position they hold in the organisation, without having had the opportunity to have taken advantage of the essential skills development needed. It's a big ask to expect someone with often little preparation and training to step up and take on the mantle of Board Member. As it's always been the way that people progress we often only hear about issues as a result of an FCF or Themed visit, during a Board evaluation when the individual will speak out in confidence, or the unthinkable... when something goes horribly wrong and the essential skills were missing.
BP&E Global provides a selection of Board and individual essential skills development, briefings and executive coaching sessions, either in-house or at our open programmes:
Governance & Risk
Other Board Essential Skills
We also provide tailor-made programmes and executive coaching as required.
Contact BP&E Global now to discuss your requirements.
We are proud to announce that we have been awarded the 2014 Business Excellence Awards - Leadership Potential Development Firm.
"Early intervention can take many different forms... it may also include a willingness to take action – supervisory or enforcement – earlier in the cycle. So you might expect to see the FCA taking action, including Enforcement action, where our judgement is that a particular aspect of the firm’s business model – its product selection, its remuneration practices, its training or recruitment, for instance – is likely to give rise to poor consumer outcomes. We won’t wait to see if those outcomes occur.”
Tracey McDermott, FSA Enforcement Director, February 2012.
BP&E Global - because Board Performance Matters