Risk Oversight

Risk Assessment and Oversight

Traditionally, audit committees have focused on understanding a company's financial reporting and the related risk management programs. Audit committees, today, have broadened their horizon to include an understanding of the broader risks affecting the company, as well as the company’s overall risk management program.

These risks may be related to the organization’s strategy, operations, and compliance with environmental, health, safety, legal, and regulatory requirements. Therefore, audit committees should develop a thorough understanding of the company's overall risk management processes across the enterprise.

There are a growing number of tools available for companies to use to support their management of enterprise risks, including risks associated with financial reporting; to assess the potential impact of risks and the degree of vulnerability; and to link risks to specific management areas and activities in the organization.

Resources

The Risk Intelligent Enterprise: The Rewards of Risk

Additional Resources

Dig Deeper

Taxing Matters

Assessing the risks in corporate financings

In this issue of CFO Insights, we examine the tax risks associated with internal and external financings and outline some questions CFOs should ask of their tax directors.

Publication date: 3/2012

Risk Intelligent Governance in the Age of Cyber Threats

What you don’t know could hurt you

This article describes how a maturity-based view of four specific “leading practices” in cybersecurity can give boards valuable insights on a company’s cyber risk management strengths and weaknesses – even at companies that are still ramping up their capabilities in the area.

Publication date: 2/2012

Risk Committee Resource Guide for Boards

Deloitte’s Risk Committee Resource Guide for Boards is designed for board members and senior executives, regardless of whether they are considering or reconsidering their risk governance responsibilities or are actually forming, working with, or serving on a risk committee. The guide includes a sample charter, a planning tool for a risk committee's calendar of activities, and a risk committee performance evaluation. Also included are a risk map, sample governance documentation, and considerations for a board self-evaluation.

Publication date: 1/2012 | File size: 2.8 MB

Board Relations: Have Risk Disclosure Practices Improved?

CFO Insights: A newsletter from Deloitte’s CFO Program

Since February 28, 2010, companies have been required by the Securities and Exchange Committee (SEC) to disclose the role of their board in risk oversight.

Publication date: 9/2011

Shaping a Risk Intelligent strategy

Confronting assumptions to find risk and opportunity

This paper is written for boards of directors and senior executives – the people responsible, in their capacity as strategic leaders, for identifying and responding to the killer risks and game-changing opportunities that face an enterprise.

Publication date: 11/2010 | File size: 1.5 MB

Risk Health Check. When is yours?

Identify steps to improve your risk intelligence capability

Our ERM maturity model combined with our ERM diagnostic approach will assist organizations with understanding their current ERM capability and determining their desired ERM capability.

Publication date: 11/2010 | File size: 337 KB

Black swans defeat standardized approaches to risk management

A disciplined balance between quantitative and qualitative financial risk management is required to limit an excessive reliance on quantitative risk metrics, while enriching qualitative approaches with the risk metrics it lacks.

Publication date: 10/2010 | File size: 430 KB

The people side of Risk Intelligence

Aligning talent and risk management

In this white paper, we explore ways to build a multifaceted consideration of talent into the organization’s overall enterprise risk management program.

Publication date: 10/2010 | File size: 414 KB

Stress Testing Governance: Developing Risk Intelligent Governance

Part II

This article focuses on the lessons from the recession with respect to risk management and governance, compensation, and the importance of building and sustaining trust.

Publication date: 9/2009 | File size: 148 KB

Published with the permission of the Institute of Corporate Directors. First published in the August 2009 issue of Director.

Stress Testing Governance The Impact of the Recession On Governance Practices

Part I

This article reveals their views on the transformative nature of this recession, some of the drivers of this transformation and the implications for boards.

Publication date: 9/2009 | File size: 98 KB