Without a doubt, risk governance is an essential area of focus for corporate boards. An uncertain economy has left many public company directors asking how they can make significant changes to prevent future setbacks. Deloitte explores the role of risk management and how best to implement new strategies.
Deloitte’s guide is broken down into six sections:
1. Define the board’s risk oversight role
2. Foster a Risk Intelligent culture
3. Help management incorporate Risk Intelligence
into strategy
4. Help define the risk appetite
5. Execute the Risk Intelligent governance process
6. Benchmark and evaluate the governance process
Allocating risk management resources in a cost-effective manner; assisting in shaping the organization’s response to regulatory issues; employing risk management for competitive advantage; and driving long-term growth while preserving assets, are integral to a board’’s risk intelligence process.