In Focus: Risk Management
Over the past month we have shared a lot of information around risk management on our Twitter and LinkedIn channels. Risk management is one of the most important roles of a board. It involves continual monitoring, adapting, and reviewing. Luckily there is a wealth of information available that demonstrates best practice approaches to enterprise risk management (ERM), expectations on boards’ and directors’ risk management practices, and to keep you informed of emerging threats to organisations such as cyber and information technology risks.
The following is a selection of resources that we have shared over the past month that will give you a broad overview of organisational risk management.
A risk appetite statement establishes a common understanding between management and the board regarding risks underlying the execution of an organisation’s strategy. This article outlines considerations when formulating statements to include in a risk appetite statement, and questions that the board may want to consider. Read more.
An Overview of Risk Management Framework by PWC Ireland
This video takes you through the key components of a risk management framework. It can appear quite overwhelming at first; however, taking a structured approach to managing risk across the organisation ensures it’s always top of mind and risk mitigation practices are embedded within the business.
The board is responsible for the organisation’s risk management strategy. Focusing on Not-for-Profit organisations, this article looks at what directors need to do to be satisfied that there is an effective risk management process embedded within the organisation. Read more.
Being a company director opens the door to a high level of personal risk. Managing your personal risk encompasses minimising your risk of personal liability by obtaining insurance, understanding the regulatory environment, and being aware of your company’s financial position. Read more.
Even though this document is targeted towards listed companies, it provides a best-practice approach the enterprise risk management. Adapt the processes and checklist for your particular organisation and you’ll be on your way to developing a sustainable and effective risk management programme. Read more.
Check out our Twitter and LinkedIn feeds for links to many more articles looking at risk management, risk frameworks, risk appetite, and personal risk management. Be sure to subscribe to these channels to keep updated with information for new and aspiring company directors.