ERM Frameworks and Responses to risk [6]

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Bullet points include: FRC “Boards and Risk” (Sep 2011) notes: Reputational risk has grown in importance and requires greater attention; greater ‘velocity’ of risk with near-instantaneous transmission of failure Boards striving to develop new approaches Focus only on ‘net risk’ can be dangerous; firms need to have a view on the firm’s potential exposure to risk before the application of mitigation policies Judging how much risk information board needs is a major challenge as is making the reporting meaningful; clear lines of accountability are essential Investors also want more meaningful reporting on risk Generally thought beneficial for external assurance or advice to come from a source other than the company’s external auditors

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