The Kelly Lessons in About 1555 Characters

So the Kelly report “of the independent review into the events leading to the Co-operative Bank’s capital shortfall” was published yesterday. During the day, I was putting odd bits from it out in 140 characters with the hashtags #coops #kellylessons. Here they are in one more permanent place. How many of these lessons has your organisation – whether a co-op or not – learned?

  1. “Running a full-service bank… is a complex business… Bank failed to understand the limits of its own capability”
  2. “The most important task for any board is to put in place the right Executive leadership for the business”
  3. “Ownership of a regulated bank…requires a clearly articulated statement addressing…mgmt & gov’nance relationship”
  4. “Failures in board oversight are inevitable if the criteria used to elect… do not require… the necessary skills”
  5. “A bank board must include sufficient numbers of technically competent directors”
  6. “Boards need…good m’gmt info’ and to demand it if it is not forthcoming. Failure to obtain…explains…failings”
  7. “A bank should develop&implement robust risk gov’nce&oversight and an appropriate control framework”
  8. “IT transformation…keep…as simple as poss’, phase delivery.., deploy the right resources, plan for contingencies”
  9. “Bank should have paid closer attention and responded with greater urgency to what the Regulator told it”
  10. “Pay careful attention to the advice of…external advisors. The Group…ignored well-founded…inconvenient advice”
  11. “Postponing dealing with problems is almost never a sustainable solution.”
  12. “Values…need to be translated into meaningful guidance…The Bank’s ethical positioning should be…more apparent”
  13. “Mantras about scale and ethics are no substitute for strategies grounded in a real understanding”
  14. “Talent management is critical… Lack of capability…driven…by weaknesses in its recruitment&subsequent m’gmt”
  15. “Tolerating…culture of underperformance, weak transparency and a lack of accountability, constrains an organisation”

Are there other lessons that you would add?

This entry was posted in Cooperatives. Bookmark the permalink.
p5rn7vb