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OUR NEWS

Fintech at an inflection point: consolidation, competition, and partnerships

On August 26th, 2020, fintech CEOs and other executives, bank executives and directors, and other industry participants convened virtually for the third Banking and Fintech Leadership Forum hosted by Tapestry Networks and LendIt Fintech. Participants discussed the how the pandemic has accelerated a shakeout in the industry, the state of technology transformation in banking, and where and how collaboration among fintechs and banks might evolve, including the relative benefits of “vendor” and “partner” relationships. Key themes that emerged include:

·         The competitive landscape continues to evolve

·         Bank and fintech partnerships remain attractive, but both parties are more selective

·         Fintechs debate engagement models with banks

Read more here.

Board oversight of restart and recovery

Even though the coronavirus continues to pose a serious public health threat, governments around the world are trying to protect their economies by easing restrictions. As the crisis enters a new phase, companies are focused on restarting their businesses. Leaders are working hard on issues such as workforce deployment, company operations, and long-term strategy, and they are considering how to account for and report on the consequences of the pandemic.

From June 11 to June 26, 2020, Tapestry Networks convened a series of virtual meetings with the audit committee chairs of more than 100 large US public companies to discuss how boards and audit committees are responding to the COVID-19 crisis. EY experts and senior leaders joined the audit chairs in these meetings.

This ViewPoints synthesizes discussions about three themes that emerged in the meetings:

• Workforce well-being remains a top priority for boards

• Operational and strategic initiatives are under review

• Financial reporting challenges are likely to persist through year end

Read the full ViewPoints here.

 

To read all of Tapestry's recent ViewPoints regarding board response to COVID-19: 

Advancing next-generation oncology alternative payment models in the COVID-19 era

COVID-19 prompted oncologists across the United States to rapidly deliver new interventions and policies to protect their patients and workforce. As the acute crisis abates in some states, stakeholders are contemplating the longer-term implications of COVID-19 on oncology. Such implications include the crisis’s impact on the ongoing shift to a value-based care paradigm and alternative payment models (APMs).

COVID-19 arrived when value-based oncology was already at an inflection point: the advent of a successor model to the country’s largest oncology payment reform experiment, the Oncology Care Model (OCM). This past fall, the Center for Medicare and Medicaid Innovation (CMMI) released a request for information describing the potential successor, the Oncology Care First (OCF) model, and CMMI’s vision to base aspects of the OCF model’s payment methodology on cancer type, a more granular approach than is used in OCM. Although the fate of the new model is uncertain following CMMI’s extension of OCM in response to COVID-19, the evolution of more granular payment models remains top of mind for participants in the oncology APMs advisory council, as do the underlying data foundations needed to achieve more granularity and accuracy.

Council participants met virtually in June 2020 to address the above issues. Read more about their work here.

Banking executives discuss overseeing emerging risks and accelerating digital transformation while grappling with credit and reputational risk through the COVID-19 crisis

On June 2 and 8, Bank Governance Leadership Network (BGLN) participants joined two virtual meetings to continue discussions around the COVID-19 pandemic and implications for large bank operations, technology, and credit, conduct, and reputational risks. The key themes that emerged include:

·         As digital transformation has accelerated, new risks have emerged

The COVID-19 crisis has forced banks and their customers to use digital tools and processes to compensate for branch, office, and call center closures. Participants discussed moving more quickly to the cloud and expanding the use of AI, the acceleration of internal processes, and the related cyber and operational risks they have accepted in the short term, and what may persist over the longer term.

·         Persistent uncertainty continues to challenge forecasting

The unprecedented steps taken to control the pandemic, the delayed effects on some sectors, and the continuing uncertainty about global economic recovery forecasts compound the challenge for banks trying to model the impact on their customers and portfolios.

·         Banking models and reputations will be tested

      Participants discussed the risks for banks as government programs to support individuals and companies through the COVID-19 pandemic expire and the financial impact of the pandemic and economic shutdowns catch up with more customers. 

Read the full ViewPoints here.

The Cyber Risk Director Network

Private sector wants more — and better — cybersecurity cooperation with government

Morning Consult is a global technology company revolutionizing ways to collect, organize, and share survey research data to transform how decisions are made.

On March 9, 2020, Morning Consult published an Op-Ed written by Jonathan Day and Michael Mahoney of Tapestry Networks. The piece highlights the need for better coordination between the government and corporations on dealing with emerging and evolving cybersecurity threats. 

Read the Op-Ed in full.

Upcoming meetings

Audit Committee Leadership Summit

September 2020

 

 

Southwest Audit Committee Network 

September 2020

 

 

Northeast Audit Committee Network

September 2020

 

 

Central Audit Committee Network

September 2020

 

 

Cyber Risk Director Network

September 2020

 

 

Financial Services Leadership Summit

November 2020

 

 

Welcome To Tapestry

Tapestry is pleased to announce our newest partner, Marsha Ershaghi Hames. Marsha is a certified compliance and ethics professional. 

Prior to joining Tapestry, Marsha was a managing director of strategy and development at LRN, Inc. a global governance, risk and compliance firm where she specialized in the alignment of leaders and organizations for effective corporate governance and organizational culture transformation. She has been interviewed and cited by the media including CNBC, CNN, Ethisphere, HR Magazine, Compliance Week, The FCPA Report, Entrepreneur.com, Chief Learning Officer, ATD Talent & Development, Corporate Counsel Magazine, the Society of Corporate Compliance and Ethics and more. She hosted the “PRINCIPLED” Podcast, profiling the stories of some of the top transformational leaders in business.

Marsha joins Tapestry's corporate governance practice. Welcome, Marsha!

 

Recent Publications

Key themes from the inaugural ECLF forum

Ethics and Compliance Leadership Forum, August 2020

Read more here.

Building a sustainable insurance industry

Insurance Governance Leadership Network, August 2020

Read more here

Cybersecurity implications of the pandemic

European Audit Committee Leadership Network, July 2020

Read more here

Investor perspectives and racial justice

Compensation Committee Leadership Network, July 2020

Read more here

 

Accelerating digital transformation while grappling with credit and reputational risks

Bank Governance Leadership Network, June 2020

Read more here

Shareholder activism

European Audit Committee Leadership Network, April 2020

Read more here