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Evaluating Onboarding Practices
Is your onboarding process adequately preparing new directors for the task of overseeing a bank? Bank Director’s 2024 Governance Best Practices Survey, conducted in May and June, reveals potential areas where boards may be able to improve their onboarding practices for new directors. For example, just 21% of bank executives and directors surveyed said their organization pairs recent recruits with a mentor or coach. That’s a missed opportunity to help new directors quickly acclimate to the board’s culture and way of doing things, says Robert Maddox, a partner with the law firm Bradley Arant Boult Cummings LLP, which sponsored the…
Financial Regulators Will Retire Cybersecurity Assessment Tool
The Federal Financial Institutions Examination Council will retire a popular cybersecurity assessment tool after a decade in use, reflecting shifts in the way banks handle cybersecurity risk. Released in mid-2015, the CAT is a voluntary tool for financial institutions to gauge their organization’s inherent risk profile and the maturity of its cybersecurity program. The tool asks users to evaluate factors like risk in their bank’s connections, technologies and service delivery channels, and risk oversight at the board level. More than half (54%) of bank executives and directors who participated in Bank Director’s 2023 Risk Survey indicated they used the FFIEC’s…
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