Baker Tilly Virchow Krause (Baker Tilly), a full service accounting and advisory firm, has joined forces with Integrated Governance Solutions (IGS), an equipping and research organization, to conduct a comprehensive benchmarking study of board and risk governance within the community banking industry. Using diagnostic tools developed by IGS over the past several years, the study will ask community bank leaders to assess core elements of their risk and board governance practices. The diagnostics measure a banks’ current state against stringent standards based upon principles established by industry experts. The study will provide benchmark data allowing participating community banks to compare their governance with other banking organizations.
"Specializing in the financial services industry, I believe this is the first time an in-depth governance study for community banks has been attempted," said Tim Kosiek, Partner in Baker Tilly’s Financial Institutions Practice. "This diagnostic contains holistic, far-reaching questions in the context of a bank’s board and risk management systems. The benchmarking study has such depth and quality, that any community bank can benefit."
"It is our hope that the benchmark data we collect will give community bankers a first-ever view into their own industry practices: How does their governance and risk oversight stack up against similar banks? And, how can they improve given the speed of change, the state of the new economy, and the regulatory environment that they are now operating in?" says Rich Chapman, President of IGS and long-time advocate for the community banking industry.
About Baker Tilly
With staff totaling more than 1,400, Baker Tilly provides a wide range of accounting, tax, assurance, and consulting services. Ranked as one of the top 20 largest* accounting firms in the country, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington D.C., and throughout Wisconsin.
The company is the exclusive Baker Tilly-branded firm in the US, which reflects its commitment to meet the ever-changing global needs of its clients.
Baker Tilly International is the world's 8th largest worldwide network made up of 149 high quality, independent accounting and business advisory firms in 125 countries, with more than 25,000 professionals. The combined worldwide revenue of independent member firms exceeds $3 billion.
About Integrated Governance Solutions
Integrated Governance Solutions was founded in 2008 with the mission of raising up a new standard for corporate governance. Its equipping platform is a cloud-based system of diagnostics, reports, tools, and templates that provide businesses with guided or self-administered assessments, along with a relevant and practical resource library that helps guide organizations through a continuous monitoring and improvement process.
*According to the 2012 Accounting Today "Top 100 Firms."
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