Cyber risk is in constant evolution, driven by an insatiable demand from consumers and corporate leaders for information density, ubiquity, and accessibility, and the like, and by a large and constantly evolving set of attackers with a wide range of motivations. Boards bear ultimate responsibility for corporate digital security. Tapestry Networks, King & Spalding, UC Berkeley Center for Long-Term Cybersecurity, and the Cyber Risk Director Network developed a new approach for building board capabilities in overseeing cybersecurity risk: Cyber Oversight Effectiveness Development (COED).
Tapestry Networks CEO, Jonathan Day on
LRN's Principled Podcast Episode #6
How are boards of directors of major companies coping in 2021 with the increasing expectations of so many stakeholders? How can directors help companies manage their way through myriad changes in the competitive environment, advances in technology, and new mandates from government and regulators? And how are boards able to oversee critical non-financial issues like corporate culture, ethics, cybersecurity and ESG? In this episode of the Principled Podcast, David Greenberg—LRN’s former CEO and now special advisor—continues the conversation about board engagement with Jonathan Day, CEO of Tapestry Networks. Listen in as David and Jonathan discuss the current issues facing boards of directors and how they impact board oversight of corporate culture, ethics, and compliance.
In collaboration with LRN, Tapestry Networks set out to assess the current realities of board oversight of corporate culture, ethics, and compliance, grounded in the experiences and perspectives of sitting public company directors.
Activating culture and ethics from the boardroom reflects insights from in-depth, confidential interviews with approximately 40 directors who occupy almost 80 public company board seats, including some of the largest companies in the world.
Download the report here.
From May 13 to June 25, 2021, Tapestry Networks convened six virtual meetings with the audit committee chairs of approximately 100 large US public companies to exchange views on how audit committees can maximize the value that they deliver to their companies and boards.
Audit committee chairs were amazed by the success their companies and boards displayed as an unprecedented crisis upended well-established processes. As offices reopen and boards resume in-person meetings, audit committees must choose which legacy practices to resume and which new approaches to maintain. They also face a changing landscape that is causing them to rearrange their agendas and even question what mix of experience and skills is most necessary for the future success of the committee.
The ViewPoints synthesizes discussions about three key topics that emerged in the meetings:
Adapting board and audit committee processes
Reshaping audit committee agendas
Enhancing committee composition