Role of the Board in Risk Management
Who sets the tone at the top for risk culture.
What is the board of directors?
Implements internal controls and policies.
What is risk mitigation?
Evaluates the design and effectiveness of risk responses.
What is control testing?
This holiday tradition involves gifts and maybe a risk register for Santa.
What is Secret Santa?
The purpose of receiving and reviewing reports from audit, risk, and compliance committees.
What is board oversight?
Escalates key risk issues to the board.
What is risk reporting?
Advises on risk frameworks and best practices.
What is consulting?
A control freak’s favorite game.
What is Risk (the board game)?
The act of evaluating senior leadership’s effectiveness in managing risk.
What is performance oversight?
Trains staff on risk awareness and responsibilities.
What is building risk culture?
Monitors remediation of previously identified risk gaps.
What is follow-up review?
The best control is one that works before this happens.
What is failure (or an incident)?