Just as a librarian’s primary duty is to supervise his or her library, one important goal of corporate governance is to provide organizations with appropriate oversight. This strategic guidance is integral to many organizations, particularly financial institutions. In fact, the regulatory expectations for bank board members – including sound corporate governance development and education – continue to increase. The Federal Deposit Insurance Corporation (FDIC) offers an encyclopedic variety of resources for bank boards of directors to help members meet the higher standards. Below, we have highlighted four tools that we believe may be the most beneficial for directors to “check out.”
Four Popular FDIC Library Selections
1. The FDIC’s YouTube Channel. The FDIC’s YouTube channel contains the following playlists for experienced and new directors:
- The Director’s College Video Series includes four videos that discuss third-party risks, information technology (IT), the Community Reinvestment Act, and the Bank Secrecy Act. Given the increased cybersecurity risks for financial institutions, the IT video may be particularly useful for directors who want to understand specific IT risks, as well as the methods to control and monitor them.
- The New Director Education Series is comprised of six videos discussing directors’ responsibilities, fiduciary duties, and the FDIC examination process. Throughout the series, an experienced director named Pat trains Chris, a newly appointed bank director, on her roles and responsibilities. These videos provide a multitude of practical information for new directors that may not be familiar with the regulatory examination process for banks.
2. Directors’ College Program. Many state banking associations often conduct training sessions through the FDIC’s Directors’ College Program. Course availability typically varies by region.
3. The Pocket Guide for Directors. The FDIC’s Pocket Guide for Directors contains an overview of basic responsibilities of a bank’s board of directors. Some of these obligations include:
- staying informed of the bank’s activities,
- maintaining independence, and
- supervising and delegating to qualified management.
4. Supervisory Insights: Special Corporate Governance Edition. As a follow-up to the Pocket Guide, the FDIC’s Division of Risk Management Supervision released a special corporate governance edition of Supervisory Insights in April 2016. This issue presents commentary related to strategic planning and maintaining a strong corporate culture.
CRI’s Insights: Personalized Resources for Bank Boards of Directors
While the FDIC provides a comprehensive selection of general resources for bank boards of directors, CRI tailors its offerings to fit your bank’s unique needs. Not only do we perform a wide variety of risk management and regulatory compliance services for financial institutions, but we also host roundtable discussions and facilitate specialized training sessions. Put CRI “on reserve” for your bank by contacting us about how we can help you advise your board of directors.