This month the IoD invited Chris Oliver & Karen Davies, from Societe Generale Kleinwort Hambros, to discuss how the board should view Sustainable Resilience and understand some of the more practical examples and ways of doing that.
Chris began by outlining to the invited audience on how the need for resilience has been developed, in terms of good practice and experience, to where it has influenced the current legislation and regulatory requirements we are seeing today.
He also helped articulate some of the headline industry analysis behind this direction which demonstrates and confirm the key indicators for those companies who intimately suceed.
These 7 similar traits, common to all those businesses that have successfully deployed sustainable resilience, provide a foresight for the todays approach and governance.
1. A strong Ownership by the Board with good "out of bound" management
2. Targeted risk identification and reduction
3. Agreed Important consumer focused activities and tolerance levels
4. Remediation and change activities
5. Continual performance improvement
6. Structured control and reduction methods in a crisis
7. Efficient management of resources, time and incident control
In a further 'fireside' chat Chris & Karen discussed some of the successes and challenges of embedding resilience in a regulatory business, the empowerment of the Board and the embedding of good business practice in a world where there is regulatory 'fatigue' and limited resources.
Karen discussed the need to be targeted, change attitudes, keep simple and went on to demonstrate this through some examples of how Societe Generale have done this, including times of stress.
You can find out more @ IoD Guernsey Branch and to the speakers Chris Oliver and Karen Davies