In light of several corporate scandals and the financial crisis following the latest crash on Wall St several regulators (e.g. SEC, FRC) and governance bodies (e.g. leading stock exchanges, OECD) have put increased pressure on boards that they ensure themselves that the organisation has an efficient risk management process in place and that they are well aware of the key risks facing the organisation going forward.
Board members should understand that risk oversight, like strategy, is a responsibility shared by the entire board. The board’s role is to take a wider view than management possibly could. It’s not only a question of mitigating risks; maybe management doesn’t take enough risk in light of the agreed risk appetite?
“Risk Oversight is a team sport.”
We can discuss strategy risk processes with the board and executive management, and how efficient risk oversight can be performed in light of the organisation’s current risk management maturity level, and suggest an action plan for future improvements.
We can support you with almost any aspect of risk management. Learn more.
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