Board Packet Contents: Maximize Effectiveness
Ultimate responsibility for your institution’s risk management program lies with your Board of Directors. Your examiners will evaluate the overall effectiveness of management and the board by analyzing:
- Board and senior management oversight
- Policies, procedures, and limits
- Risk monitoring and management information systems
- Internal controlsTo facilitate this review, your examiners will utilize reports and minutes from board and sub-committee meetings to confirm whether management is effectively communicating with the board and that the board has appropriate oversight over risk management, compliance, operations, and financials. Therefore, receiving clear, concise, complete information is critical to a board’s decision making.
This invaluable session will include the types of reports to include in board packages. We will discuss how these reports should be utilized to ensure your directors are receiving the pertinent details needed to stay informed on issues impacting your institution in order to make effective, risk-based decisions on its behalf. We will also address how to recognize “red flags” in board reports.
