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
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As part of my research this summer on relationships between EHS/S and risk management, I interviewed a group of EHS/S and risk management executives about various aspects of their activities. Prior to the interviews, the interviewees were given the Redinger EHS white paper titled, “
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