Case Study
Financial Institutions

Contemporary Governance Transformation with GovernWith 

Overview 

In mid-2024, Kathy Dickson assumed the role of Chair for Family First Bank’s Board. Recognising governance as the foundation of any organisation, she prioritised modernising the bank’s governance structure to ensure clarity, compliance and strategic alignment. 

“One of the first things we wanted to tackle was making sure our governance was appropriate for the organisation – contemporary, easy to understand and providing clear direction for both the board and management.” – Kathy Dickson, Chair, Family First Bank 

Seeking external expertise, Family First Bank partnered with GovernWith, embarking on a Governance Review and Expert Facilitation process that would bring clarity, structure and strategic alignment to their board processes. 

The Challenge 

Family First Bank’s governance structure had evolved over time, becoming fragmented due to industry changes. Policies and procedures had been added and adjusted in response to shifting regulations, creating inefficiencies. 

“Governance is an organisation’s foundation. Over time, things had become fragmented. My challenge was to bring everything together, identify gaps, and streamline duplication across committees.” – Kathy Dickson, Chair, Family First Bank 

Newly appointed CEO Adam Marshall identified additional inefficiencies in board and committee meeting preparations, recognising a need for streamlined governance to optimise strategic discussions. 

“As I settled into my role, I noticed significant replication in board and committee meeting materials. We needed to streamline processes to be more efficient and ensure governance was a strategic enabler rather than an administrative burden.” – Adam Marshall, CEO, Family First Bank 

The Solution 

GovernWith provided Family First Bank with a tailored Contemporary Governance solution, featuring the following products and services: 

• Boardroom Plus for Financial Institutions

  An internally-led annual Governance Review & Director Development program. All content aligned to Prudential Standards, Corporate, Contemporary and ESG Governance Requirements.
  
  Boardroom Plus includes a: 
  • Board Governance Review 
  • Director Skills Matrix

• Facilitation Plus for Financial Institutions

  Externally facilitated Governance Review and Development support with Financial Services expert convenor Jennifer Dean.
  Including professional advice for:  

• • Board Governance Review (including confidential interviews, desktop review and facilitated workshop) 
  • Director Skills Matrix
  • Subcommittee Reviews 
  • Implementation of Governance Review Actions 

The Governance Review process involved a comprehensive online Board Governance Review, and a customised Skills Matrix aligned with financial institution requirements. 

“One of the things I liked about GovernWith was the ability to customise the Governance Review and Director Skills Matrix to align with financial institutions' unique needs. We wanted to draw a direct correlation between a strategic plan and board capabilities, and this process helped us achieve that.” – Kathy Dickson 

GovernWith’s facilitation process provided Family First Bank with an external, objective perspective to ensure their governance structures aligned with regulatory requirements while fostering a culture of continuous improvement. The external, sector-specific expertise allowed the board to objectively assess policies, committee structures, and reporting efficiencies. 

“Having an expert facilitator like Jenny Dean was invaluable. She helped us map our governance structure to our strategic goals, ensuring we were both compliant and future-focused.” – Adam Marshall 

Results and Outcomes 

Through GovernWith’s Contemporary Governance Review and Facilitation process, Family First Bank has achieved: 

• Clarity and Structure: A well-defined contemporary governance framework that supports compliance, strategy and operational efficiency. 
• Board and Management Alignment: Improved collaboration and focus on strategic priorities. 
• Streamlined Compliance and Processes: Enhanced efficiency in board operations and regulatory alignment. 
• Targeted Board Recruitment: Identification of skill gaps led to the recruitment of four new Directors with expertise aligned to strategic needs. 
• Proactive Development Planning: The evaluation provided insight into individual and collective board upskilling requirements, including areas like Cyber Security and ESG preparedness. 
• Strategic Focus & Compliance Assurance: A structured approach to compliance that enables boards to dedicate more time to Contemporary Governance priorities, including ESG reporting. 
• Sustainable Governance Culture: A strong foundation for continuous governance review, development, and benchmarking to drive long-term effectiveness and adaptability. 

“The Governance Review questionnaire allowed us to assess foundational, proficient and advanced capabilities, guiding succession planning and Director development.” – Adam Marshall 

Additionally, Family First Bank was able to: 

• Reduce administrative burdens by consolidating reports and minimising duplication across committees. 
• Introduce a structured Director Development Plan, ensuring ongoing education and regulatory preparedness. 
• Foster an engaged and proactive board culture, reinforcing governance as a strategic enabler. 

GovernWith’s framework has also enabled Family First Bank to optimise governance for strategic discussions. 

“This process has given me great comfort that we are linking skills to strategy and making governance efficient. Our management team is grateful for the clarity and time savings.” – Adam Marshall 

Conclusion 

Family First Bank’s Contemporary Governance transformation through GovernWith has reinforced its strategic direction, strengthened compliance and enhanced board engagement. The structured governance framework ensures long-term sustainability, positioning the organisation for future growth and regulatory alignment. 

"The GovernWith program has provided peace of mind, a clear direction, and helped to reinvigorate our Board. Our directors are more engaged, confident in our compliance, and committed to continuous improvement. With a clear roadmap, we’ve streamlined governance, enhanced recruitment, and strengthened collaboration with management. The resulting Action Plan is a living framework that will guide us well beyond the next 12 months, ensuring the best future for Family First Bank." - Kathy Dickson, Chair, Family First Bank 

“Taking a step back to review governance holistically was crucial. This annual process ensures we are not only compliant but also future-ready.” – Adam Marshall, CEO, Family First Bank 

GovernWith commends Family First Bank for its commitment to contemporary governance excellence, demonstrating how a well-structured approach can balance compliance and strategy effectively. Their proactive steps in governance refinement sets a strong example for financial institutions navigating regulatory complexity while maintaining a clear strategic vision.