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Oct 04, 2023
The year was 2014. In a brainstorming session I was invited to, the public sector banks’ Executive Directors and Managing Directors. The IIT professor, conducting the session, asked a simple question: how many of you have personally withdrawn cash from an ATM, done a net banking transaction, and used the mobile app of your bank? A few hands went up, but by and large, the senior leaders had not felt the need to avail of those then-newly introduced services, being valued customers internally. The professor laughed and said, “You need to eat your own dog food.”
A lot of water has flown under the bridge since then, not only in banking but also in other sectors. Things are much more agile at the senior management level, which is forced to respond to change more quickly than ever before. But are the board members getting left behind in this frenetic race?
The board plays a pivotal role in steering organisations through the on-going digital revolution, where emerging technologies like artificial intelligence, block-chain, and data analytics are reshaping industries. The benefits include enhanced efficiency, data-driven insights, and an improved customer experience. However, with great potential comes great risk. Some of the more salient risks include cybersecurity concerns, skills gaps, regulatory compliance, and ethical considerations.
So, how can the boards go about equipping themselves to tame the tech genie?
(1) Stay Informed: Board members should actively engage in continuous learning about emerging technologies and their industry implications. They can also leverage cross-sectoral insights by being on different boards.
(2) Assess Risk: Regularly conduct comprehensive risk assessments to identify potential technology-related risks and develop mitigation strategies. Familiarity with the relevant frameworks is essential here.
(3) Focus on Cybersecurity: Prioritise cybersecurity, in particular the availability aspect, as a top agenda item. Engage with experts and invest in state-of-the-art cybersecurity measures.
(4) Develop talent: Foster a culture of learning and development within the organization. Provide employees with opportunities to acquire the skills necessary for technology adoption. Without a capable and passionate workforce, expensive investments will not yield the expected dividends.
(5) Emphasise Ethics: Establish clear ethical guidelines for technology adoption. Ensure that the company's use of transformative technology aligns with its values and principles.
We face huge challenges of sustainability, equity, and uncertainty. May we do our best to meet them!
Chairman of the Board of Directors, Protean InfoSec (formerly NSDL InfoSec) Services Pvt. Ltd.
Member of the Advisory Board, 1Kosmos
Member of the Board of Advisors, Safe Security
Mr. Saravade has previously held the below positions:
Chairman, India Payment Card Risk Council
Member of the Indian Police Service, Government of India
Chief Executive Officer, Reserve Bank Information Technology Pvt. Ltd. (ReBIT)
Chief Executive Officer, Data Security Council of India
Director, Cyber Security and Compliance, National Association of Software and Service Companies (NASSCOM)
Director and Advisor - Citi Security and Investigative Services (South Asia) at Citibank, India
Advisor - Fraud, Investigations and Information Security, ICICI Bank
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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