Training for the Risk Committee of the Board of
Directors
The Board
of Directors has risk management responsibilities that are defined
not only by best practices and guidelines, but also by laws and
regulations. The Risk Committee must assist the Boards in
assessing the different types of risk to which the organization is
exposed.
The Risk Committee
is responsible to:
1. Learn about the actual risks and the control deficiencies in
the organization.
2. Help the board define the risk appetite
of the organization.
3. Exercise oversight of management’s responsibilities, and review
the risk profile of the organization to ensure that risk is not
higher than the risk appetite determined by the board.
4. Monitor the effectiveness of risk management functions
throughout the organization. Ensure that infrastructure, resources
and systems are in place for risk management and are adequate to
maintain a satisfactory level of risk management discipline.
5. Monitor the independence of risk management functions
throughout the organization.
6. Review the strategies, policies, frameworks, models and
procedures that lead to the identification, measurement, reporting
and mitigation of material risks.
7. Review issues raised by Internal Audit that impact the risk
management framework.
8. Ensure that the risk awareness culture is pervasive throughout
the organization.
9. Fulfill its statutory, fiduciary and regulatory
responsibilities. This is usually the most difficult task.
To
learn more:
www.risk-committee.com
Training for
the Risk Committee of the Board
To learn more:
www.risk-committee-training.com
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