On December 11, 2019, Tapestry brought together non-executive directors, senior business and public-sector leaders, subject matter experts, and others for an inaugural meeting of the Cyber Risk Director Network (CRDN). In 2020, CRDN will continue to address the challenges the largest global enterprises face with respect to cybersecurity and cyber risk oversight, including a severe, ever-changing threat landscape and the fact that the impact of a breach on their customers is disproportionately significant. For directors, these issues demand customized and unique approaches which must continue to evolve as the nature of the risks changes. To meet these challenges, companies will need to look beyond common practice and, at times, the boundaries of their own enterprises.
With CRDN, Tapestry will provide directors from the largest companies with a peer to peer learning environment that addresses the myriad difficulties involved in effective cyber risk oversight. The program is supported by a generous grant from the Hewlett Foundation and is sponsored by King and Spalding. Tapestry will be working with its sponsors and other partners to publicly share key themes from the meeting with opinion leaders, policymakers, and others to further catalyze action and drive impact. Read more.
Governance of major public companies operates in a model that is increasingly stressed. Directors of the world’s largest firms express frustration with their roles, their workloads, and, increasingly, their compensation. No single ‘board of the future’ solution has yet gained widespread acceptance, though many have been proposed. Boards continue to operate with agendas and processes that have not radically changed in many decades.
Corporate Governance for the 21st Century: Initial Report and Readings sets out both radical and ‘coping’ models for large company governance in today’s business and geopolitical environment. It is meant as a conversation starter, a catalyst for discussion about the governance of modern firms.
The 2019 Financial Services Leadership Summit (FSLS) took place in October in Washington, DC. Directors and senior executives from among the largest banks and insurers globally, fintech executives, regulators, policymakers, and other subject matter experts convened for discussions focused on the resilience of the financial system in light of evolving risks to markets, business models, and technology, and the potential policy responses.
Ten years after the global financial crisis, the financial services business has changed. Large institutions have shored up capital and liquidity, new rules have been implemented, and supervision has tightened. Business models have also changed, and new models are emerging, as incumbents and fintechs adopt advanced technologies and tech companies wade into financial services. Now, financial services leaders are considering what might cause a future crisis and how prepared individual institutions and the system are to emerging sources of risk.
How resilient will new entrants and new models be to major dislocation? Are operational and technological resiliency or data integrity issues likely to trigger the next crisis? What tools and mechanisms do policymakers and regulators have to respond to a crisis? How might broader geopolitical issues impact financial services as regionalization replaces globalization? How resilient are traditional business models to systemic disruption? And can large firms in a sector so closely tied to the trajectory of the broader economy grow their business in a slow- or no-growth environment? Participants in the FSLS explored these and related questions and issues.
This September Tapestry and LendIt Fintech hosted the Banking and Fintech Leadership forum in London bringing together fintech CEOs, bank executives and directors, and other industry leaders for a discussion on how the financial services ecosystem is evolving and how banks and fintechs can effectively partner. Fintech challengers have emerged in virtually all aspects of banking from lending to payments, market infrastructure and regulatory compliance. As these fintech companies look for growth and diversification, large incumbents are identifying ways to become more nimble, update their systems, and experiment with new approaches like partnership opportunities. The London event follows a similar session Tapestry and LendIt Fintech led in San Francisco in April. Participants there discussed how both banks and fintechs can “do their homework,” to ensure collaborations are more than just “paper partnerships,” and effective for both parties and their customers despite some very real cultural and operating model differences.
Key takeaways from the discussion in London in September can be found here
In May 2019, Tapestry and members and liaisons of the multistakeholder Steering Committee (SC), which oversees the progress of the diagnostic quality assurance pilot, met to discuss the pilot’s results. Since its launch in 2016, the pilot has aimed to create a process to compare the performance of molecular diagnostic tests that are used for selection of targeted therapies, using a test case of a next generation sequencing (NGS) diagnostic for a specific targeted cancer treatment. Earlier this year, 18 volunteer laboratories returned data to the pilot’s technical implementation team at the College of American Pathologists, marking an end to the pilot testing phase. The data compared performance of laboratories’ validated tests with specifications set by an FDA-approved companion diagnostic (CDx).
During the May meeting, the CAP’s Scientific Technical Working Group (STWG) leadership presented a summary of the dataset and lessons learned from implementing the pilot. Collectively, the STWG representatives and SC discussed the results’ technical implications, and their meaning for various stakeholders and SC members’ organizations. Moving forward, SC members are committed to sharing outcomes later in 2019 through a peer-reviewed technical publication, a white paper, and, potentially, through other mediums. Read more here