The latest of the Risk Coalition’s CRO Forum roundtable discussions held this month considered the implications of the proposed revisions to the UK Corporate Governance Code for senior risk professionals. The discussion highlighted several challenges that organisations might face if the revised Code is implemented as proposed. These challenges mainly relate to: the expansion in the Code’s scope beyond financial risks and controls, the need for organisations to identify and prioritise material controls, the requirement to report material weaknesses and the need for expertise and resource to handle the proposed changes effectively. This blog summarises the roundtable discussions and highlights key planning considerations.
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The value of risk management - where is the evidence?
Is there really any evidence suggesting that mature, more successful organisations tend to operate more mature risk management frameworks? A recent Risk Coalition Risk Committee Chairs Forum (RCCF) discussion explored this question. The discussion highlighted the crucial role boards play in setting the right tone at the top, as well as the importance of fostering a risk-aware culture, where challenging assumptions and discussing risks openly are encouraged.
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What's the value of risk management… and why hasn’t anyone been able to prove it?
There seems to be relatively little conclusive evidence to prove the value of all the risk management activity that Is going on. The Risk Coalition’s newly established CRO Forum recently considered how risk management activity can move beyond simply being seen as a cost to the business to become genuinely value adding. As Chris Burt explains, participating risk leaders believe that a shift in mindset is needed, and there also needs to be a change in the role of risk management to facilitate strategic decision-making.
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Navigating Not Easily Quantifiable risks: the role of the Board Risk Committee
In an increasingly complex and uncertain business environment, not easily quantifiable risks pose significant challenges to organisations and their boards. The role of the board risk committee becomes paramount in addressing these risks effectively by facilitating exploration, encouraging alternative perspectives, and advocating for a comprehensive risk management approach. Chris Burt from the Risk Coalition summarises discussions from a recent roundtable meeting of the Risk Committee Chairs Forum,
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A day at the races
It’s necessary to take on more risk to achieve an objective, or so the saying goes. This is an often-heard argument that is made in boardroom and risk committee discussions, and presented as a self-evident truth. In this blog, Chris Burt explores whether this really always is the case.
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Missing (in)action
Last week, US regulators the OCC (the Office of the Comptroller of the Currency) assessed a $400 million penalty against Citibank. The penalty related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. In today’s Risk Coalition blog, Chris Burt explains that inaction through failure to make improvements in risk management has a substantial cost as demonstrated by the Citibank case, adding that that risk management can make a significant contribution to an organisation’s performance.
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Guess who’s back?
Though Covid-19 is still dominating the headlines, cyber risk has never been far away. In today’s Risk Coalition blog, Chris Burt explains that board risk committee members need a frame of reference so that they can understand the key cyber issues and enable the exploration of a range of cyber scenarios.
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