Encouraging and Capturing Innovation
- Innovation within any large institution is difficult, but in a heavily-regulated financial services firm it is particularly challenging.
- Learning from attackers, watching competitors, and creating cultures and teams designed to innovate will be critical to staying relevant to the clients of the future.
Driving the Digital Agenda
- Far from being just another channel, the impact of digital is transforming what banking customers expect and is creating new opportunities in underserved markets.
- Given the business-wide implications of digital transformation, digital leadership is required at multiple points across financial institutions.
Building Best-in-Class Risk Management Teams
- Financial institutions are developing risk management functions capable of serving as real business partners. Chief Risk Officers (CRO) have increased responsibilities attached to their remits and a greater emphasis on building internal and external relationships.
- Many banks have moved away from a federal compliance model and implemented a more independent and empowered function at the group level.
Driving the Diversity Agenda with Business Logic
- Financial institutions are often ahead of the curve when it comes to diversity. However, more needs to be done to increase diversity in the executive suite.
Creating a Highly Effective Board
- Best-in-class corporate governance is becoming more important as corporations face a significant increase in regulatory scrutiny and heightened expectations regarding risk management.
- Financial institutions are focused on improving Board composition and effectiveness, growing the presence of cross-functional experts and formalizing CEO succession plans.