{"id":2081,"date":"2022-05-19T13:56:53","date_gmt":"2022-05-19T05:56:53","guid":{"rendered":"https:\/\/www.praxonomy.com\/blog\/?p=2081"},"modified":"2022-05-19T13:57:02","modified_gmt":"2022-05-19T05:57:02","slug":"sharpening-the-boards-focus-on-risk-oversight","status":"publish","type":"post","link":"https:\/\/www.praxonomy.com\/blog\/sharpening-the-boards-focus-on-risk-oversight\/","title":{"rendered":"Sharpening the Board&#8217;s Focus on Risk Oversight"},"content":{"rendered":"\n<p>Companies have to learn how to operate with some level of managed risk. An appetite for risk is often needed to capitalise on new opportunities and address complex issues (such as operational and growth requirements).<\/p>\n\n\n\n<p>But what is the board\u2019s role in risk oversight? What exactly are the types of risks that fall under their purview \u2014 and how should the board prioritise these?<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_aa64ae-78, .wp-block-kadence-advancedheading.kt-adv-heading_aa64ae-78[data-kb-block=\"kb-adv-heading_aa64ae-78\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_aa64ae-78 mark, .wp-block-kadence-advancedheading.kt-adv-heading_aa64ae-78[data-kb-block=\"kb-adv-heading_aa64ae-78\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h2 class=\"kt-adv-heading_aa64ae-78 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_aa64ae-78\">5 Types of Risks Boards Should Be Concerned About<\/h2>\n\n\n\n<p>There a myriad of risks that boards should be made aware of. The National Association of Corporate Directors (NACD) has identified and organised these under <a href=\"https:\/\/www.corporatecomplianceinsights.com\/five-risk-categories-for-focusing-the-boards-risk-oversight\/\" target=\"_blank\" rel=\"noreferrer noopener\">5 broad categories<\/a>. They are:<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_2c6736-4d, .wp-block-kadence-advancedheading.kt-adv-heading_2c6736-4d[data-kb-block=\"kb-adv-heading_2c6736-4d\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_2c6736-4d mark, .wp-block-kadence-advancedheading.kt-adv-heading_2c6736-4d[data-kb-block=\"kb-adv-heading_2c6736-4d\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_2c6736-4d wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_2c6736-4d\">1. Governance Risks<\/h3>\n\n\n\n<p>Governance risks pertain to directors\u2019 decisions on board leadership, composition and structure. It also tackles board membership and CEO selection, CEO compensation\u00a0 and succession, alongside other board governance matters that are crucial to the success of the company. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_2b744f-8f, .wp-block-kadence-advancedheading.kt-adv-heading_2b744f-8f[data-kb-block=\"kb-adv-heading_2b744f-8f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_2b744f-8f mark, .wp-block-kadence-advancedheading.kt-adv-heading_2b744f-8f[data-kb-block=\"kb-adv-heading_2b744f-8f\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_2b744f-8f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_2b744f-8f\">2. Critical Enterprise Risks<\/h3>\n\n\n\n<p>These are usually the top 5-10 risks that can impact the company\u2019s overall strategy and business model. It requires the attention and engagement of the entire board. Some examples of these risks would be: supply chain risk, credit risk, technological obsolescence, etc.. By and large, enterprise risk deals with the effect of changes on the core assumptions that underpin company strategy.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_187380-bc, .wp-block-kadence-advancedheading.kt-adv-heading_187380-bc[data-kb-block=\"kb-adv-heading_187380-bc\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_187380-bc mark, .wp-block-kadence-advancedheading.kt-adv-heading_187380-bc[data-kb-block=\"kb-adv-heading_187380-bc\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_187380-bc wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_187380-bc\">3. Board-Approval Risks<\/h3>\n\n\n\n<p>Board-approval risks revolve around the decisions boards make when it comes to approving or providing their consent for the \u201c<a href=\"https:\/\/getriskmanager.com\/risk-management-board-trustee\/\" target=\"_blank\" rel=\"noreferrer noopener\">implementation of policies, major strategic initiatives, acquisitions or divestitures, major investments, entry into new markets, etc.<\/a>\u201d Boards often require that management satisfactorily answer questions relating to the associated risks and rewards of the matter(s) at hand.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_9ff9e4-be, .wp-block-kadence-advancedheading.kt-adv-heading_9ff9e4-be[data-kb-block=\"kb-adv-heading_9ff9e4-be\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_9ff9e4-be mark, .wp-block-kadence-advancedheading.kt-adv-heading_9ff9e4-be[data-kb-block=\"kb-adv-heading_9ff9e4-be\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_9ff9e4-be wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_9ff9e4-be\">4. Business Management Risks<\/h3>\n\n\n\n<p>These are the risks associated with day-to-day operations, including financial, reputational and operational risks.&nbsp;<\/p>\n\n\n\n<p>For example, financial risks would include \u201cexcessive leveraging of the balance sheet.\u201d Operational risks are tied up to internal processes, IT, intellectual property, customer service, manufacturing, cybersecurity, etc.. Reputational risks are those that arise from data breaches, health and safety issues, legal proceedings. They can affect the image of the company.<\/p>\n\n\n\n<p>It\u2019s important to remember that it is management\u2019s responsibility to address these risks. But if any of these impact or threaten the strategy and business model of the company, they become critical-enterprise risks. Those risks will require the attention of the full board.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_4d5f56-05, .wp-block-kadence-advancedheading.kt-adv-heading_4d5f56-05[data-kb-block=\"kb-adv-heading_4d5f56-05\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_4d5f56-05 mark, .wp-block-kadence-advancedheading.kt-adv-heading_4d5f56-05[data-kb-block=\"kb-adv-heading_4d5f56-05\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_4d5f56-05 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_4d5f56-05\">5. Emerging Risks<\/h3>\n\n\n\n<p>These are \u201cexternal risks&#8221; that fall outside of the first four categories. They cover \u201c<a href=\"https:\/\/pestleanalysis.com\/what-is-pestle-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>PESTLE<\/strong><\/a>,\u201d i.e.,<strong> p<\/strong>olitical, <strong>e<\/strong>conomic, <strong>s<\/strong>ocial, <strong>t<\/strong>echnological, <strong>l<\/strong>egal and <strong>e<\/strong>nvironmental factors.<\/p>\n\n\n\n<p>Examples of these would be the effects of climate change, demographic shifts, legislation, and natural catastrophes on the business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Board Considerations for Risk Oversight<\/strong><\/h2>\n\n\n\n<p>The five risk categories provide context to the scope and focus of the board when it comes to risk governance. But it is just as important to state what boards should consider when it comes to the oversight process. This <a href=\"https:\/\/www.iia.nl\/SiteFiles\/Board%20Perspectives%20--%20Risk%20Oversight%20--%20Issue%205%20--%20Organizing%20for%20Risk%20Oversight.pdf\">paper<\/a> lists some of them:<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_7f06cd-c7, .wp-block-kadence-advancedheading.kt-adv-heading_7f06cd-c7[data-kb-block=\"kb-adv-heading_7f06cd-c7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_7f06cd-c7 mark, .wp-block-kadence-advancedheading.kt-adv-heading_7f06cd-c7[data-kb-block=\"kb-adv-heading_7f06cd-c7\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_7f06cd-c7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_7f06cd-c7\">1. Risk oversight is critical to strategic considerations<\/h3>\n\n\n\n<p>Boards must place the same amount of time and focus on risk oversight as it does with strategy. Developing and executing strategies without managing inherent risk considerations is short-sighted and can lead to disastrous outcomes. In short, risk and strategic oversight go hand-in-hand.\u00a0<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_c8786a-36, .wp-block-kadence-advancedheading.kt-adv-heading_c8786a-36[data-kb-block=\"kb-adv-heading_c8786a-36\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_c8786a-36 mark, .wp-block-kadence-advancedheading.kt-adv-heading_c8786a-36[data-kb-block=\"kb-adv-heading_c8786a-36\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_c8786a-36 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_c8786a-36\">2. Risk oversight can be delegated to standing committee(s)<\/h3>\n\n\n\n<p>There is a distinction that needs to be made between risk oversight and risk management. Risk management, as the term suggests, falls under management. Risk oversight belongs to the board.<\/p>\n\n\n\n<p>Boards can monitor and manage risks by delegating oversight duties to committees. This can be done in a variety of ways:<\/p>\n\n\n\n<ol><li><strong>Have a separate risk committee<\/strong><\/li><\/ol>\n\n\n\n<p>Complex organisations and businesses can benefit from a dedicated risk committee. A separate risk committee should be able to provide the board with a comprehensive and more complete understanding of the risks assumed by the company.<\/p>\n\n\n\n<ol start=\"2\"><li><strong>Widen the scope of responsibilities of the audit committee<\/strong><\/li><\/ol>\n\n\n\n<p>This is the most common approach. Three caveats, though:&nbsp;<\/p>\n\n\n\n<ul><li>Boards must remain cognisant that the audit committee bears responsibility for focusing on financial reporting risk. That stands to be their primary role.<\/li><li>Expanding the scope of the audit committee can present its own set of challenges, especially if the organisation has intricate and complex financial reporting requirements. Consider this question: do the members of the audit committee have the bandwidth to study the policies and processes for managing other business and operational risks?<\/li><\/ul>\n\n\n\n<ol start=\"3\"><li><strong>Spread out risk oversight across various committees<\/strong><\/li><\/ol>\n\n\n\n<p>This seemingly offers the best chance at \u201ccovering most, if not all, bases.\u201d However, boards need to be aware that this might lack a big-picture\/cohesive perspective since it tackles risk via a siloed approach. If the oversight process is not handled carefully, risks can be overlooked or simply fall through the cracks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. There is a need for qualified directors<\/h3>\n\n\n\n<p>Directors must have the necessary qualifications to assess, evaluate and strategically monitor the risk profile of the organisation, regardless of how and where risk oversight is delegated. This requires a reasonable level of expertise and industry knowledge to understand and evaluate the company\u2019s critical risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Free-flowing access to information<\/h3>\n\n\n\n<p>Boards need to have access to information from internal and external resources to be effective in their risk oversight duties. Risk reporting from management is especially crucial. This should be presented in clear language. In some instances, <a href=\"https:\/\/www.auditboard.com\/blog\/what-is-a-risk-assessment-matrix\/\" target=\"_blank\" rel=\"noreferrer noopener\">a risk assessment matrix<\/a> might be helpful. Boards can understand what\u2019s at stake, the possible impacts, and the likelihood of actions occurring.\u00a0\u00a0<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_0611ed-d8, .wp-block-kadence-advancedheading.kt-adv-heading_0611ed-d8[data-kb-block=\"kb-adv-heading_0611ed-d8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_0611ed-d8 mark, .wp-block-kadence-advancedheading.kt-adv-heading_0611ed-d8[data-kb-block=\"kb-adv-heading_0611ed-d8\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<h3 class=\"kt-adv-heading_0611ed-d8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_0611ed-d8\">5. Communicate the organisation\u2019s <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/global\/Documents\/Governance-Risk-Compliance\/gx_grc_Deloitte%20Risk%20Angles-Exercising%20risk%20oversight.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">risk story<\/a><\/h3>\n\n\n\n<p>Boards can help stakeholders understand the organisation\u2019s risk story by using disclosures to convey the risks the organisation faces and how risk governance is being implemented and executed. The same disclosures can discuss the processes and explain the roles of the board and committees in overseeing risk. It can also be supplemented by quantitative or qualitative analyses.<\/p>\n\n\n\n<p>Disclosures can help instill confidence in the risk governance processes and management capabilities of the board.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>To reiterate, no organisation can operate without assuming some risk. This is not, in itself, a bad thing. However, risks should be continuously monitored and reviewed by the board.&nbsp;&nbsp;<\/p>\n\n\n\n<p>From an outsider\u2019s lens, risk-taking might be perceived to simply be a \u201cgamble.\u201d But companies stand to gain from it if it is balanced by enough foresight and prudence. That being said, the board should identify, set, and adhere to its own risk tolerance levels, and strategic actions and considerations must be carefully weighed against these. To remove one or the other from the oversight equation can be detrimental to the organisation.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><strong><em>How are you securing your board\u2019s assets and managing the business risks present in that responsibility? <a href=\"https:\/\/www.praxonomy.com\/schedule-a-demo\" target=\"_blank\" rel=\"noreferrer noopener\">Schedule a demo<\/a> to see how <a href=\"http:\/\/www.praxonomy.com\" target=\"_blank\" rel=\"noreferrer noopener\">Boardlogic<\/a> can help.<\/em><\/strong><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>All companies must assume a level of risk. Learn the 5 types of risks boards should be aware of, and what they should consider when performing their risk oversight duties.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":2082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sharpening the Board&#039;s Focus on Risk Oversight - Praxonomy Blog<\/title>\n<meta name=\"description\" content=\"Learn the 5 types of risks boards of directors should be aware of, and the key considerations required for their risk oversight duties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.praxonomy.com\/blog\/sharpening-the-boards-focus-on-risk-oversight\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Praxonomy Blog: Sharpening the Board&#039;s Focus on Risk Oversight\" \/>\n<meta property=\"og:description\" content=\"Learn the 5 types of risks boards of directors should be aware of, and the key considerations required for their risk oversight duties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.praxonomy.com\/blog\/sharpening-the-boards-focus-on-risk-oversight\/\" \/>\n<meta property=\"og:site_name\" content=\"The Boardlogic Blog | News, Updates, Industry Insights and Best Practices.\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-19T05:56:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-19T05:57:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.praxonomy.com\/blog\/wp-content\/uploads\/2022\/05\/Sharpening-the-Boards-Focus-on-Risk-Oversight.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1254\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Carissa Duenas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Praxonomy Blog: Sharpening the Board&#039;s Focus on Risk Oversight\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.praxonomy.com\/blog\/wp-content\/uploads\/2022\/05\/Sharpening-the-Boards-Focus-on-Risk-Oversight.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carissa Duenas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.praxonomy.com\/blog\/sharpening-the-boards-focus-on-risk-oversight\/\",\"url\":\"https:\/\/www.praxonomy.com\/blog\/sharpening-the-boards-focus-on-risk-oversight\/\",\"name\":\"Sharpening the Board's Focus on Risk Oversight - 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