a. Is training limited to optional technical training for relevant committee members

Transcription

1

2 The number of development based discussions with each director The range of training and development solutions available and how frequently they are accessed The quality and amount of CPD undertaken by each Director Post training review discussions and validation a. Is training limited to optional technical training for relevant committee members b. Is it primarily left to the individual director to identify their development needs and source solutions c. Do all board members complete professional CPD and maintain a CPD log d. How is evidence of competence and activities to maintain competence retained e. Is their a competence framework which could be used at board level f. How is the effectiveness of any training undertaken assessed and validated g. How relevant and up to date is the range of training and development solutions specifically available for Directors how is this validated and refreshed

3 Agenda quality standards, referenced to the board TOR, applied and monitored Standards applied to the quality and clarity of information provided Board papers and reports assessed and rated by the board, with feedback provided to the authors Assessment of agenda management and evidence of improvement a. Do board meetings always run out of time b. Are board papers poorly constructed or contain too much detail c. Are the right items and issues going to the board or is everything going up and little gets decided d. Do board papers/reports include options and recommendations, making the issues and key points stand out and therefore making it easier to challenge e. Do reports and recommendations presented to the board describe the benefits, and risks, for all stakeholders Communication of principles to the executive team and how they are expected to be applied Monitoring of risk committee input to decisions for key personnel and how this influenced final decisions Progressive change/improvement in remuneration model Agenda items and board minutes show the quality and frequency of discussion a. Does the board have a clear set of principles that apply to all remuneration decisions b. How are decisions tested against these principles and what evidence is provided to the board c. What input is required from the risk function to remuneration decisions for key personnel d. How are individual performance results assessed for compliance with the risk framework and measures e. What opportunities are provided for the whole board to review and challenge executive and senior management remuneration decisions and awards

4 NED visits and activity at business sites Board meetings at other sites Frequency and substance of changes to board MI Continuous feedback process, seeking and giving, at/after each board meeting a. How close to the business is the board and how interested in the business are the board members b. How regular and frequent is the engagement and involvement with the business c. Does the board always meet in the corporate HQ or are meetings held at other business sites d. What engagement is planned if meetings are held in different sites e. Does the board, or individual directors, have offsite meeting with the relevant management teams f. How well do board members engage with each other does this rarely happen except at formal meetings g. What level of debate is there at board meetings which would indicate all board members are fully engaged h. How often has the board asked for the reports and MI they are provided with to change i. Does the MI reflect the current situation within the business, or externally, and the current strategy

5 The commitment given by the board to obtain and review the range of performance data reports The record of Board satisfaction confirmation or follow up action undertaken The frequency and extent of customer data obtained and reviewed The frequency and extent of risk management performance data obtained and reviewed a. Does the board have a clear and well articulated vision for the firm b. Does the board make clear what this means relevant to operational practice c. Does the board review and challenge the effectiveness of the product approval process d. Does the board know how many proposed products were rejected by the risk management committee and for what reason e. If few or none were rejected, what action would the board take f. Equally, if most products are rejected, what action would the board take g. How are product managers held to account by the board h. Does the board know how suitable new products are for their customers i. What extra MI do they seek to establish suitability, such as how long customers keep new products

6 Sample audits of customer and product performance stats Comprehensive reviews undertaken of the strategy and risk framework Frequency of engagement with and briefing from/to the risk function Frequency of potential breach referrals to the board Quality of information reported up to the board by the risk function a. Is there a comprehensive and effective risk framework overseen by the board b. Is this clearly understood and agreed by all board members c. How is this communicated and delegated to the risk function d. What reassurance does the board seek that what is agreed in the boardroom is implemented/happening within the business e. Is it clear throughout the business what the risk appetite is f. Is the application of the risk appetite to business activity made as straightforward as possible, such as stating what we don t do g. Is it clear where the risk thresholds are e.g. the acceptable level of profit from any product or customer category h. Are there clear processes to refer back to the board for situations where thresholds might be breached Number and frequency of customer insight reports commissioned Staff insight activities directly commissioned and overseen Board level reviews undertaken of the insight reports and actioned The level and evidence of effectiveness of follow up actions by the board a. Does the board commission/receive regular customer information and KPI data e.g. - Customer satisfaction ratings - Mystery shopper results - Complaints data - Customer retention data - Product longevity reports b. What insight is provided to the board with this MI and data reports c. What level of scrutiny is applied by the board d. What methods are used by the board to measure staff satisfaction, particularly around what they are asked to do e.g. customer contact and product promotion, what do staff do and how do they feel about it e. What process does the board follow to review and follow up the insight reports, challenge negative outcomes and behaviours or recognise positive behaviours