Cultivating a high level of resilience is not solely the board’s role — it’s a shared responsibility with management. The survey indicates there is room for improvement here: directors were less likely than CEOs to rate their organizations as resilient across a variety of areas.
Modernizing governance and the use of technology in upskilling will be vital in building resilience; highly resilient boards are 1.8 times more likely to be very confident in their organization’s data management processes and technology risk framework, and 69% of boards have previously said they plan to increase their level of investment in data and technology for risk management.
With so many new and heightened challenges at play, and given the increasing complexity of the risk landscape, the board should continue to connect regularly with CxOs, specifically the chief risk officer (CRO). We asked board members how often they engage with CxOs, and only 57% of board members meet with their CRO on regular basis.