When Do Companies Need a Board-Level Risk Management Committee?
Risk management is nothing new. But the global financial crisis and corporate failures in recent years have put risk management in the spotlight. Who is ultimately responsible for it? Responsibility for risk management should start in the boardroom...
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| Format: | Brief |
| Language: | English en_US |
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International Finance Corporation, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17629963/companies-need-board-level-risk-management-committee http://hdl.handle.net/10986/17018 |
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okr-10986-170182021-04-23T14:03:33Z When Do Companies Need a Board-Level Risk Management Committee? Choi, Ivan ACCOUNTABILITY ACCOUNTING ACCOUNTS CAPITAL INVESTMENT CAPITAL INVESTMENTS CORPORATE GOVERNANCE DECISION MAKING DECISION-MAKING DECISION-MAKING AUTHORITY DECISION-MAKING PROCESS DERIVATIVES EMERGING MARKETS EXECUTION FINANCIAL CRISIS FINANCIAL INDUSTRY FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL RISKS HUMAN RESOURCES INFORMED DECISIONS INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTERNAL CONTROLS INTERNATIONAL FINANCE INTERNATIONAL FINANCE CORPORATION LIFE INSURANCE MITIGATION PRODUCT LIABILITY RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT COMMITTEE TOP MANAGEMENT Risk management is nothing new. But the global financial crisis and corporate failures in recent years have put risk management in the spotlight. Who is ultimately responsible for it? Responsibility for risk management should start in the boardroom, as the board is ultimately responsible for the organization's decision making, business performance, and value creation, all of which are associated with risk. The chief executive officer, who is accountable to the board, has the responsibility to ensure proper execution of the risk-management strategy and policies laid down by the board. The board governs while management manages. The board's risk management role should therefore be the governance of risk overseeing, directing, and setting policies and monitoring performance. 2014-02-12T16:50:17Z 2014-02-12T16:50:17Z 2013 http://documents.worldbank.org/curated/en/2013/01/17629963/companies-need-board-level-risk-management-committee http://hdl.handle.net/10986/17018 English en_US Private Sector Opinion;no. 31 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ International Finance Corporation, Washington, DC Publications & Research :: Brief Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACCOUNTING ACCOUNTS CAPITAL INVESTMENT CAPITAL INVESTMENTS CORPORATE GOVERNANCE DECISION MAKING DECISION-MAKING DECISION-MAKING AUTHORITY DECISION-MAKING PROCESS DERIVATIVES EMERGING MARKETS EXECUTION FINANCIAL CRISIS FINANCIAL INDUSTRY FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL RISKS HUMAN RESOURCES INFORMED DECISIONS INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTERNAL CONTROLS INTERNATIONAL FINANCE INTERNATIONAL FINANCE CORPORATION LIFE INSURANCE MITIGATION PRODUCT LIABILITY RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT COMMITTEE TOP MANAGEMENT |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCOUNTS CAPITAL INVESTMENT CAPITAL INVESTMENTS CORPORATE GOVERNANCE DECISION MAKING DECISION-MAKING DECISION-MAKING AUTHORITY DECISION-MAKING PROCESS DERIVATIVES EMERGING MARKETS EXECUTION FINANCIAL CRISIS FINANCIAL INDUSTRY FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL RISKS HUMAN RESOURCES INFORMED DECISIONS INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTERNAL CONTROLS INTERNATIONAL FINANCE INTERNATIONAL FINANCE CORPORATION LIFE INSURANCE MITIGATION PRODUCT LIABILITY RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT COMMITTEE TOP MANAGEMENT Choi, Ivan When Do Companies Need a Board-Level Risk Management Committee? |
| relation |
Private Sector Opinion;no. 31 |
| description |
Risk management is nothing new. But the
global financial crisis and corporate failures in recent
years have put risk management in the spotlight. Who is
ultimately responsible for it? Responsibility for risk
management should start in the boardroom, as the board is
ultimately responsible for the organization's decision
making, business performance, and value creation, all of
which are associated with risk. The chief executive officer,
who is accountable to the board, has the responsibility to
ensure proper execution of the risk-management strategy and
policies laid down by the board. The board governs while
management manages. The board's risk management role
should therefore be the governance of risk overseeing,
directing, and setting policies and monitoring performance. |
| format |
Publications & Research :: Brief |
| author |
Choi, Ivan |
| author_facet |
Choi, Ivan |
| author_sort |
Choi, Ivan |
| title |
When Do Companies Need a Board-Level Risk Management Committee? |
| title_short |
When Do Companies Need a Board-Level Risk Management Committee? |
| title_full |
When Do Companies Need a Board-Level Risk Management Committee? |
| title_fullStr |
When Do Companies Need a Board-Level Risk Management Committee? |
| title_full_unstemmed |
When Do Companies Need a Board-Level Risk Management Committee? |
| title_sort |
when do companies need a board-level risk management committee? |
| publisher |
International Finance Corporation, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17629963/companies-need-board-level-risk-management-committee http://hdl.handle.net/10986/17018 |
| _version_ |
1764435435515281408 |