Risk Oversight Advisory Council: COVID-19 Implications
In brief: While many companies are still confronting the immediate challenges resulting from the crisis precipitated by the coronavirus disease, boards of directors are beginning to shift their focus to include what potential aftershocks of the pandemic may affect their post-crisis strategy. Second- and third-degree risks, including risks around the corporation’s supply chain and cyber security, are growing in importance around strategy discussions. With this background NACD, along with PwC and Sidley Austin, recently convened 50 Fortune 500 risk and audit committee chairs for a virtual meeting of the NACD Risk Oversight Advisory Council to discuss long-term strategy following the crisis.
This resource can help your board to
- Assess secondary and tertiary risks stemming from the crisis,
- understand where ERM can be integrated into strategy planning, and
- shape post-crisis strategy plans
Most relevant audiences: risk committee chairs, risk committee members, audit committee chairs, and audit committee members