RIMS calls for new model for board risk governance
Written by staff reporter
Boards are receiving more risk management data today than ever before, yet there is still significant room for improvement when it comes to strategic decision-making, according to a RIMS study.
Five years since RIMS produced its original report on the topic, a fresh study looks at the 30 companies that comprise the Dow Jones Industrial Average, examining trends in risk governance, how those organisations are now advising their investors about the board’s involvement in risk oversight and key actions to enhance enterprise-wide risk management governance.
Vice-president of Strategic Initiatives at the association, Carol Fox says the report shows that board governance for risk management is due a refresh.
“As regulatory changes thrust risk management into the corporate mainstream and made boards squarely responsible for risk management oversight, organisations responded by modifying board and management governance models,” she said. “This report highlights those adjustments and calls for refreshing our views on board governance for risk management.”