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Inside Internal Controls

News and discussion on implementing risk management

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Focusing board attention on management

Rather than trying to make sure themselves that everything is right, the board should focus its limited time on gaining comfort that it has the right management team in place, a team capable of getting things right.

 

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A revolution in risk management

Risk management, whether you call it enterprise risk management, strategic risk management, or something else, is about helping an organization achieve its objectives. All the standards, frameworks, and guidelines talk about risk in terms of its ability to affect the achievement of the organization’s objectives. Some things might happen that will help and some that will interfere with our progress.

 

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The obligation of the board to challenge management

I think we all know that the board is supposed to have a majority of independent directors (at least in public companies) and to challenge the executives running the organization. That is what “oversight” means. But the board is also supposed to work with those same executives, sharing their insights and experience to complement that […]

 

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