According to this report produced by the Tomorrow's Company Good Governance Forum, of which CIMA is an active member, there has been a step change in the focus on risk by boards in the last few years. However, with an ever more complex business environment coupled with increasing expectations of corporate behavior, the report states that the board’s risk agenda still needs to evolve. The report suggests that there is a serious gap in how many boards identify and address significant risk issues.
New research has identified a clear leadership role for the board in determining a strategy towards risk which harnesses the power of the totality of expertise and knowledge within the organization to support the board and to keep it informed.
- Focus on the importance of open, frank and challenging conversations at board level
- Understand the vital role of personal behavior and to accept responsibility for the outcome
- Harness the collective wealth of insight and understanding across the entire organization