Board of Directors – Understanding and Further Training?
What does the Board of Directors do?
It provides leadership of the organisation within a framework of prudent and effective controls which enables risk to be assessed and managed. It also reviews management performance. The Board sets the firm’s own behavioural standards, for example through the Code of Conduct and the company’s risk appetite.
Is it evident that the Directors (Senior Management Functions [SMFs], and Non Executive Directors understand:-
- Directors’ liabilities and corporate governance
- What is a company? What can it do?
- What is a director? Types of director
- Director’s responsibilities (SMCR & Companies Act)
- Internal governance
- Corporate administration
- Financial difficulties and investigations
- General duties
- Promoting the success of the company
- Embedding duties
- Reasonable steps (SMCR – See DEPP 6.2.9-E)
- Legal context
- Duty to act in good faith and with due care
- Conflicts of interest
Are there plans to enhance the board by:-
- What will you do to improve your approach to governance and your role as a director?
- What will be different about your next board meeting?
- Board maturity
- What do performance and success mean to your board?
- Are there key messages / assumptions you need to challenge?
- Do you have adequate succession plans in place?
- What are your board’s future and legacy issues?
- Action plans
- Turning rhetoric into reality
- Starting conversations to develop board and senior management team insight
- Evaluating board and senior management effectiveness
- Improving information flows between the board and the senior management team
If you need to create, review or execute your Governance. Risk or Compliance strategy, call us today on 0207 097 1434 or email info@complianceconsultant.org.
Other Posts In This Series
Compliance Audit: What To Look For In Strategy Document
Thoughts on Organisational Charts
Regulatory Complaint Handling & The FCA
Compliance Annual Reporting Requirement
The Importance of Good Management Information (MI)
Directors and/or Partners Responsibilities and Further Training
Compliant Financial Promotions – Advertising
Governance Risk & Compliance Frameworks
Thoughts on Organisational Charts
Regulatory Complaint Handling & The FCA
Compliance Annual Reporting Requirement
The Importance of Good Management Information (MI)
Directors and/or Partners Responsibilities and Further Training
Compliant Financial Promotions – Advertising
Governance Risk & Compliance Frameworks
This guide is only an aide memoire and intended for information only for anyone appraising the documentation needed in an audit/compliance check. It is not to be considered as direct advice or intended to replace specific 1 to 1 engagement with your compliance and risk professional.
