The annual Financial Services Leadership Summit (FSLS) will took place across a series of video discussions beginning on Tuesday, November 10, 2020 and concluding on Thursday, November 12, 2020. The FSLS brought together directors and senior executives from among the largest banks and insurers globally with regulators and other stakeholders and subject matter experts for discussions on the forces shaping the sector and the implications for financial institution leadership and governance.
Summit participants discussed the following:
The state of the accelerating ESG agenda with Sandra Boss, Global Head of Investment Stewardship at BlackRock, bank and insurance executives focused on these issues, regulators, and other guests.
How the financial services sector can build on the accelerated technological transformation of the sector generated by this period of upheaval and develop new ways of working. We will cover these issues across several sessions, including discussions with Cathy Bessant, Chief Operations and Technology Officer at Bank of America, venture investors, executives, and others.
The implications of geopolitical issues, including the new paradigm for the role of central banks and governments in markets and economies, the trend toward deglobalization, the US presidential election, the rise of Chinese fintech and the implications for global financial services, and other policy issues. Participants will be joined by Clay Lowery, EVP, Research and Policy, from the IIF, Martin Chorzempa, Research Fellow at the Peterson Institute, and EY regulatory experts.
Tapestry has produced ViewPoints on each of these topics.
The COVID-19 pandemic posed challenges and risks during a time of swift change on many fronts. In September 2020, audit chairs from North America and Europe met in a virtual Audit Committee Leadership Summit (ACLS) to consider many of these changes: in risk management, technological innovation, and matters of internal and external audit. Key sessions addressed the following issues:
The COVID-19 pandemic and its economic impact are once again raising questions about the state of enterprise risk management in large global companies. Members were joined by Amy Brachio, global business consulting leader at EY, and Panu Haapaniemi, director of risk management at UPM-Kymmene, to discuss potential lessons from the pandemic. Read more.
The COVID-19 pandemic has driven rapid innovation as businesses race to adapt to a difficult environment. Members discussed this acceleration and the related strategy and risk implications with Netta Nyholm, EMEIA enterprise risk and risk markets leader at EY; Kate Smaje, global leader at McKinsey Digital; and David Gledhill, recently group chief information officer and head of group technology and operations at DBS. Read more.
Internal audit departments are evolving with changing business practices. Technology plays a major role in those changes. Members discussed the outlook for internal audit processes, deployment, and technology with Rui Bastos, chief information officer and chief digital officer for Reliance Industries Hydrocarbons and head of group audit and risk management for the Reliance Group; Dr. Leo Mackay, senior vice president, ethics and enterprise assurance for Lockheed Martin; Amy Brachio, EY partner and the firm’s global business consulting leader; and Stefan Heissner, EY EMEIA forensics and integrity services leader. Read more.
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.
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:
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.
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.