The latest enterprise risk management news from around the world

New findings on the board’s role in effective risk management

The Shared Assessments Program has published ‘The Board’s Role in Realizing Effective Risk Management’ – a new set of findings and recommendations developed with C-level executives and risk experts from a number of organizations.

The briefing paper provides boards of directors and C-level executives with new findings on the role of and increasingly crucial importance of Board oversight; and specific high-profile case study examples of the opportunity for the Board to play a role in robust risk monitoring to achieve organizational goals and preserve brand reputation, and the real-world consequences of failing to do so.

The paper also provides specific actionable recommendations for effectively engaging the Board in strategic risk-related processes to protect business continuity, safeguard revenue streams and assure positive organizational reputation.

Guidance in the paper includes:

  • Raising awareness of the Board’s role in risk management processes and the advantages of appointing a designated risk-aware member.
  • Advocating for the appointment of and understanding the responsibilities of a Chief Risk Officer.
  • Understanding recent Federal rulings and their potential implications for organizations.
  • Gaining the potential benefits of board-directed third party assessments
  • Following eight specific actions that Boards can take to ensure effective risk management oversight, such as: approving enterprise risk monitoring processes and codifying the organization’s risk appetite and risk management framework; and maintaining direct communications channels with specific key functions in risk-related matters – including who should have unimpeded Board access and why.
  • Adopting the five key steps Boards should take to help their organizations be more responsive to real-time risk developments and maintain a higher level of resiliency.

The report was developed by experts with The Santa Fe Group, The Shared Assessments Program and subject matter experts from: Alvarez & Marsal Dispute Analysis & Forensics, LLC; Annie Searle & Associates; CopyTalk, LLC; Early Warning Services, LLC; Lynx Technology Partners, Inc.; MUFG Union Bank, N.A. (formerly Bank of Tokyo); Neo Group; NormShield, Inc.; Secure Digital Solutions, Inc.; Security Diligence, LLC; Solem Risk Partners, LLC; and Synovus Financial Corporation.

The report is available for download at:

Want news and features emailed to you?

Signup to our free newsletters and never miss a story.

A website you can trust

The entire Continuity Central website is scanned daily by Sucuri to ensure that no malware exists within the site. This means that you can browse with complete confidence.

Business continuity?

Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.

Get the latest news and information sent to you by email

Continuity Central provides a number of free newsletters which are distributed by email. To subscribe click here.