Expert panel discusses the growing challenges for bank boards

The importance of effective bank governance through board leadership was a central topic of discussion at the recent 12th Banking Forum & FinTech Expo, presented by Logicom Solutions.

The discussion highlighted the growing challenges facing Boards of Directors, as they are called upon to ensure a balance between operational efficiency, shareholder demands and new trends for sustainability and regulatory compliance.

Particular emphasis was placed on the composition of Boards of Directors and the new specialties required in the modern era, such as cybersecurity, while the need for diversity, innovation and strong leadership was emphasized.

The panel included Stalo Koumidou, Non-Executive Member of the Board of Directors, Cyprus Development Bank, Androulla Pitta, Non-Executive Member of the Board of Eurobank and Dr. Demetra Plati, Acting Chairwoman, Ancoria Bank.

Pitta pointed out the importance of complying with regulatory requirements, emphasising that "when implementing the roles assigned to us, we see challenges as opportunities, with a constructive approach that offers added value to management and customers."

To make this possible, she noted that deep knowledge of risks is required, as well as the appropriate skills to effectively manage them.

Dr. Demetra Plati spoke about the importance of diversity in management. “Different backgrounds and perspectives add value to the organisation,” she said, explaining that diversity enhances decision-making and an environment for innovative ideas, which are absolutely essential in today’s environment.

She also emphasised the need for new skills, with an emphasis on protection against cyberattacks, describing it as a critical factor for the security of banks.

Stalo Koumidou focused on the increasing requirements for compliance, noting that "they call us guardians of stability and champions of innovation."

She also referred to the particular challenges faced by smaller organisations, with limited resources, which, however, must remain compliant.

She stressed the importance of maintaining profitability and shareholder value, underlining that the ultimate goal is to attract investors who are interested in social and environmental awareness.

(Source: InBusinessNews)