NACD Advisory Council on Risk Oversight: The Board’s Role in the Oversight of Risk Culture
|Publication Date:||August 10, 2016|
AVAILABLE TO ALL
In brief: The NACD Risk Oversight Advisory Council convened in April 2016 to discuss the board’s role in the oversight of risk culture. The meeting, cohosted by PwC and Sidley Austin, highlighted a number of takeaways for directors:
- Prudent risk-taking is critical to the execution of strategy.
- Transparency and resilience are indicators of a positive risk culture.
- Two important levers directors can use to influence risk culture are CEO succession and the board’s own processes.
This resource can help your board:
- Shape the company’s risk culture to support the execution of strategy.
- Encourage an open dialogue with management to identify future risks.
- Promote a positive risk culture through CEO succession planning and modifying board processes.
Most relevant audiences: risk committee members, audit committee members, general counsel