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    Client Story: Organizational Resources Support Protego Trust Bank’s Emerging Growth

    Protego Trust Bank logo.

    At a glance

    Spur Reply helped Protego Trust Bank N.A. build its governance by building a readiness program for the board of directors. The program focused on Board education around each of the company’s business unit roles and objectives. Our consultants designed the educational program to be easily adaptable so our client could make changes as the company develops over time. Additionally, we helped strengthen Protego’s performance externally by designing an annual self-assessment survey for the board. The assessment will allow the board members to accurately measure their collective performance and identify areas for improvement. These two valuable resources gave our client sustainable tools to drive success and meet its goals as a startup in the banking industry.

    Supporting a new startup in the financial tech industry

    Protego Trust Bank N.A. is one of the first digital banks approved by the U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC). The institutional digital asset bank will custody, trade, lend, and issue new digital assets.

    As a part of its ongoing business strategy, Protego needed to focus on the oversight and due diligence of its Board of Directors, ensuring the directors adequately understood the cutting-edge blockchain technology behind the business, the company’s overall strategic objectives, and high-level internal processes.

    Additionally, Protego needed to find a substantial method for measuring its own progress and stay on a clear path to meet its regulatory requirements and strategic goals.

    Implementing our expertise in governance and change management

    Our client sought Spur Reply's expertise in governance and change management to design a Board educational program and self-governance survey. The goal of the deliverables was to form alignment across the board of directors on Protego’s functional role as a company and measure its performance over time.  

    Designing an educational program and self-assessment survey

    To help create a readiness program for Protego’s board of directors, our consultants first met with the Chair of the Board and the business unit functional leads. Together, we developed a standardized template to educate the board on all the startup’s business units, which included each of the business unit’s objectives and key goals. We then met with employees across each of the business units to document each function.

    Defining each of Protego’s business unit objectives and functionalities ensured the board members would receive accurate and comprehensive information on internal operations. In order to adapt to Protego’s continuing growth in the marketplace, our team designed the program in a way that would allow our client to easily update it in the future.

    Our team then helped our client create a thorough self-assessment as a way for Protego’s board of directors to measure its ongoing progress as a governance body. Our consultants created the survey by conducting industry and regulatory research while leveraging their expertise in organizational governance and knowledge of industry best practices.

    Providing our client with a way to easily identify actionable insights, we built an automated template that will convert the data from the self-assessment results into an executive dashboard. Measuring a variety of criteria within parameters such as performance, planning and communication, the self-assessment survey will enable the board to accurately track its own health and performance over time.

    Evergreen resources provide Protego with scalable solution

    Our collaboration gave Protego’s Board of Directors, a total of ten board members at the time, an evergreen educational template that can be updated as the company grows and expands beyond its initial offerings. The template remains a valuable asset to our client because it allows the board to stay knowledgeable on the interdependent roles Protego’s internal teams play within the company, as well as the startup’s strategic goals.

    "With Spur Reply's knowledge and expertise, our board of directors now has two crucial resources for ensuring Protego's continuous success as one of the first federally chartered digit asset banks. The readiness program and self-assessment will equip our board with the resources they need to make informed decisions and remain aligned on Protego's strategic goals as a whole," said Colette Taylor, chairwoman for Protego Trust Bank N.A. "Spur played a critical role in ensuring the project was completed on time with excellence."

    Additionally, Protego’s Board of Directors received a comprehensive self-assessment survey to accurately measure its ongoing performance and health. The survey will provide a roadmap for Protego’s leaders on how to move toward their goals as well as a guide for when and how to adjust the team’s systems, structures, and processes in the future.

    The educational blueprint and self-assessment survey both serve as vital resources to ensure the success of Protego as a growing startup in the financial technology industry.

    What we delivered

    • Governance and due diligence tools
    • Organizational effectiveness
    • Stakeholder communications
    • Change management and adoption services

    The results

    Equipped Protego with an easily adaptable board education readiness program to align its board of directors on individual business unit roles and company objectives

    Fueled consistent communication and alignment between the organization and the Board relating to functional area goals

    Built a robust self-assessment on par with corporate best practices that will allow board members to measure their progress over time

    With Spur Reply's knowledge and expertise, our board of directors now has two crucial resources for ensuring Protego's continuous success as one of the first federally chartered digit asset banks. The readiness program and self-assessment will equip our board with the resources they need to make informed decisions and remain aligned on Protego's strategic goals as a whole. Spur played a critical role in ensuring the project was completed on time with excellence.

    Colette Taylor | Chairwoman, Protego Trust Bank N.A.

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