Our colleagues at IIC Partners have released their latest insights on Beyond Compliance: The Strategic Value of Board Assessment in Financial Services:

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Amid rapid change in the financial services sector, organisations are increasingly embracing board assessment to boost effectiveness, clearly define roles, and respond to evolving challenges.

Forward-thinking CEOs and Chairs see it as a strategic lever—one that enhances long-term resilience while strengthening performance and safeguarding reputation.

We invited Romain Girard (Partner) and Jean-François Phan van Phi (Senior Advisor) from Progress Associés to share their insights, drawing on their extensive experience with board assessment.

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Why Board Assessment Matters

Regulatory and governmental bodies increasingly expect boards to demonstrate effectiveness through formal, periodic evaluations. This requirement is heightened for finance and insurance organisations.

“In France, every listed company is strongly recommended to complete a formal assessment every three years, ideally with an external company.”—Romain Girard, Partner, Progress Associés

The benefits of a well-executed board assessment go far beyond compliance, and many organisations opt to complete the process annually. Here are some key goals of the engagement:

1. Strengthen board composition by identifying skill gaps, experience needs, and diversity opportunities.

2. Clarify governance roles and structures, improving alignment between the board, executive leadership, and committees.

3. Enhance strategic decision-making by improving boardroom dynamics and information flow, and ensuring all critical topics are addressed.

4. Complete individual assessments to evaluate capabilities and meet regulatory requirements.

5. Build stakeholder confidence by demonstrating a commitment to strong governance and a culture of continuous improvement.

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A Proven and Practical Approach

The most effective board assessments are tailored, confidential, and focused on actionable outcomes. The approach combines best-practice structure with some elements tailored to the specific context of the organisation.

Progress Associés begins with confidential surveys and one-on-one interviews with board members and select executives, designed to surface candid insights on effectiveness, behaviours, and boardroom culture. These conversations are supported by a thorough review of governance documentation, including charters, bylaws, minutes, and board materials, to provide a clear view of the board’s formal structure and responsibilities.

“We meet not only board directors, but also the CEO and Chair—so the board assessment offers a strategic gateway to the organisation’s direction and decision-making at the highest level.”—Romain Girard, Partner, Progress Associés

Findings are benchmarked against both regulatory expectations and global governance standards, ensuring that recommendations are not only relevant but forward-looking. The results are compiled into a clear, anonymised report, featuring visual summaries, common themes from interviews, and a focused set of three to four priority recommendations for the board’s consideration.

Finally, the assessment concludes with separate presentations to the nomination committee and the board, offering space for discussion, reflection, and optional follow-up to support implementation and longer-term board development.

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Why Financial Services Boards Are Adopting This Now

Expectations of boards are higher than ever. Shareholders, regulators, and governments are demanding greater transparency, accountability, and oversight, particularly in financial services.

Boards are also facing new challenges in areas like ESG, cybersecurity, AI, digital transformation, and managing risk. Many are reassessing their structure, size, and expertise to meet these demands.

Board assessments provide a clear view of current effectiveness, highlight gaps, and help ensure the board is equipped to lead in a fast-changing environment.

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Built on Credibility and Trust

In boardrooms, trust matters. That’s why assessments conducted by Progress Associés are led by Senior Partners and seasoned Non-Executive Directors—individuals who have served on or advised boards in financial services and understand the weight of the role. This credibility fosters honest dialogue and accelerates impact.

“The most important part of the process is building trust with directors. We’ve found that when a board member knows the person interviewing them has been in their seat before, they’re far more open and engaged.”—Jean-François Phan van Phi, Senior Advisor, Progress Associés

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Focused, Actionable Outcomes

While a typical assessment surfaces an incredible breadth of insights, the goal is to offer strategic, high impact recommendations that are actionable—what matters most now. Recommendations focus on four key areas: board composition, strategic priorities, governance processes, and board logistics.

We provide detailed materials, including anonymised survey results, tailored presentations for the nomination committee and the board, and a clear summary of findings to support implementation.

For many clients, board assessments lead to broader conversations around bylaw reform, succession planning, director recruitment, and ESG governance. The assessment becomes a foundation for continuous improvement

Many clients choose to complete the process every one to three years. In doing so, they not only track progress but reinforce a culture of accountability and excellence at the board level.

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Board Assessment is More Than a Formality

In financial services, board assessment has become a vital instrument of modern governance, enhancing risk oversight, addressing emerging challenges, and positioning the organisation for long-term success.

More than a reflection on the past or present, it is a forward-looking process that helps shape the future. Is your board ready for what’s next?

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IIC Partners is a top ten global executive search organisation, with HRM Search Partners as its exclusive Ireland partner. All IIC Partners member firms are independently owned and leaders in their local markets, offering tailored solutions for leadership and talent management needs.