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STRENGTHENING THE BOARD OF DIRECTORS

Board Support

DRAW ON PLENTIFUL RESOURCES

The Challenge.

You’ve been an established Board of Directors (BOD) up to now, you’re reforming or want to replace people who’ve left. Whatever the starting situation: It sometimes happens that a particular person who used to draw your attention to things is suddenly gone.

The Board of Directors (BOD) does more than just administrate.

Here’s a new trend I’ve observed: Companies having to train the entire Board of Directors (BOD) before they can read and understand an annual financial statement. That makes me wonder what’s going wrong.

Regardless of how excellent specialists are within their own areas, that is often not enough to be able to handle the ever more complex requirements coming from regulators and legislation.

Whatever company size we’re talking about: The Board of Directors (BOD) needs fundamental, current competencies in finance, risk and communication.

It’s my expectation that a Board of Directors (BOD) will search out these competencies if it doesn’t already have them – also for the sake of its own reputation. As a complete committee. Certainly in the knowledge that an individual member of the Board of Directors (BOD) cannot be expected to cover everything alone – that would be an illusion.

Between planned, target and actual

The Board of Directors (BOD) steers, regulates, decides. That’s a lot of responsibility requiring a considerable foundation of central know-how – and that in very complex fields.

  • Finance: Financial reporting, financial leadership instruments, management information systems, equity requirements, new accounting principles, etc.
  • Risks: Internal control system, strategic and operative risk management, IT security, statutory changes, data protection, know your customer (KYC)/know your employee (KYE), compliance management systems, etc.

If you had to measure the know-how of your Board of Directors (BOD) in these areas on a scale of 1-10, where would you put it? Where are you well-placed, where are you still lagging behind? Where do you need to be in order to exercise joint responsibility in a way that matches your personal ethos?

The Goal.

I want to sensitise you, train you, and keep you informed: Strengthen!

You want to prepare your current members for the next generation, thereby initiating the succession process in good time?

You are aware of your potential and want to take up individual topics, be trained in those areas?

You already know that the competency profile in the area of Audit & Risk is missing or to be expanded.

Our joint goal is

  • To prepare and train your Board of Directors (BOD) for the tasks it needs to perform.

  • To prepare your succession planning strategically and in a forward-looking manner for optimum staffing of the whole committee.

  • To protect and maintain your reputation in the long term.

The Solution.

You need someone with a broad and deep knowledge of the subject.

As an external, independent advisor to Boards of Directors (BOD), I offer you a whole palette to choose and benefit from.

You allow me to show you the potential in the competence profile of your Board of Directors (BOD). I then suggest specific measures.

I want to play a role in preventing Boards of Directors (BOD) being pilloried because they are missing precisely those competencies, and because that lack can be proven to be the cause of possible wrong decisions.

The Approach.

How we approach these Goals: by shadow support or – you bring me on to your Board of Directors!

…as a committed member of the Audit and/or Risk Committee with broad international experience in the areas of Financial Services, FinTech, RegTech and the manufacturing industry.

I support you on this path – in the format that you prefer.

Would you prefer me to accompany you 1:1 as a sparring partner, perhaps because you’re new to the Board of Directors?

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