Increasing risk oversight is a priority of boards and management since the global financial crisis, but many are unprepared to do this according to a recent report from the Canadian Institute of Chartered Accountants (CICA). A Framework for Board Oversight of Enterprise Risk presents a nine-step roadmap to help directors identify, understand and address enterprise risk and recognize potential compounding effects when risks collide. The roadmap is sound and also can be a valuable resource for risk management professionals.
The CICA report states “a common concern among boards of directors is the lack of a comprehensive framework and toolsets to assist boards to structure an effective, robust risk oversight process.” Key activities in the CICA framework include: identifying risks; analyzing, validating and prioritizing them; determining risk tolerance and risk appetite; managing risk through various response strategies; and ongoing monitoring. These are similar to recommendations included in ISO’s risk management standard (31000) and their business continuity management system standard (22301). Read More
Communication is grist that makes the management system wheels turn. This section within management system standards (MSS) have historically addressed, to varying degrees, the internal and external mechanisms used to communicate information and knowledge about the management system, the content it address, and specifics about hazards and risks. It is a MS’s information conduit, much like blood vessels in humans. Actors in the communication scheme include senior management, employees, vendors, contractors, regulators, and neighbors, to name a few. 
Black Swan events, holistic business continuity, Emerging Risk Audits, and non-financial risk management are terms swirling in C-Suites, on Boards, and in the business, risk management and auditing literature. Also swirling around are discussions about sustainability, corporate social responsibility, organizational resilience, as well as organizational health.
In a presentation yesterday, the 
