First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

risk culture

Finally some good advice on risk for boards

While I still disagree in some areas, I applaud Jim DeLoach for his latest piece for the (US) National Association of Corporate Directors, Revamping Risk in the Digital Age. Please read the entire piece, but here are points I especially like, with my highlights:

 

, , , , , ,

A board that would fail any test of its governance practices

I am planning a meeting with the CRO from a company during which I had planned to share some of the principles of effective risk management, based on what is considered world-class, and the governance of risk management by the board.

 

, , , , , , ,

Key principles of successful risk management

Somehow, we need to move the practice away from a periodic review of a list of risks (which Jim refers to as enterprise list management) and to increasing the likelihood and extent of success.

 

, , , ,

Is asking about risk culture the right question?

If you don’t have a consistent attitude towards taking risk among the few members of the executive team, how can you expect to have a consistent attitude among the population of employees and decision-makers?

 

, , ,