Benjamin Franklin is quoted as saying “If you fail to plan, you are planning to fail.” And that old quote couldn’t be more applicable to bank board succession planning, especially nowadays when the industry is undergoing so many significant changes.
Cybersecurity and Technology keep coming up to me as being the major game-changers for bank boards in the recent years and into the future.
In an article on BankDirector.com, they touch on this as it discusses board succession planning, and more specifically, addressing skills needs on the board:
"Identify Necessary Skills: Once you have identified coming shifts in the business, it’s important to determine the skills needed to meet those challenges. Beyond driving business, boards should include members who bring a skill set that advances the bank toward its strategic priorities, whether technology, cyber-security, audit, risk and/or compliance. "
Interestingly, I've had a colleague saying this exact same thing for years: that bank boards are going to have to start seeking members and advisors that understand tech and cybersecurity to stay relevant and to even survive.
If this is something that you or your board of directors has been thinking about, let's talk about how I can help you with this.