Log in
  • Home
  • Enterprise risk management: Role of the Board

NOT A Member Yet?        Join us

Enterprise risk management: Role of the Board

  • 22 Feb 2011 11:43 AM
    Message # 530811
    Anonymous member (Administrator)

    A public company asks:

    Dees risk management responsibility rely  entirely to the Board of directors?

    OR

    Does your Board delegate the responsibility of risk monitoring to  its Committee(s)?

     If yes which one (s)?

     Is it shared between several Committees of the Board?
  • 22 Feb 2011 11:45 AM
    Reply # 530815 on 530811
    Anonymous member (Administrator)
    Medium Publicly Traded

    Risk management is a responsibility of our Chief Risk Officer  ("CRO"). Our CRO is also a member of the Disclosure Committee,  a management committee that reports to the Audit Committee of  the Board of Directors.  The Disclosure Committee reviews risks as needed but at least quarterly for disclosure in our quarterly MD&A and recommends to the Audit Committee.  The Audit Committee  then reviews and ultimately recommends to the Board for  approval. 

    Last modified: 22 Feb 2011 11:45 AM | Anonymous member (Administrator)
  • 22 Feb 2011 4:03 PM
    Reply # 530976 on 530811
    Anonymous member (Administrator)

    Large Publicly traded , issuer based Company

    Enterprise Risk Management and the Company’s process with respect to risk assessment and management of key risks is discussed in detail within our Audit Committee.  The Board receives continuous updates of the principal risks associated with the Corporation’s business and it is the responsibility of management to ensure the Board and its committees are kept well informed of changing risks. The principal mechanisms through which the Board reviews risks are:

    1.  ongoing reports by the CEO; 
    2. the strategic planning process; 
    3. the Audit Committee and the enterprise risk management process.
  • 22 Feb 2011 4:04 PM
    Reply # 530977 on 530811
    Anonymous member (Administrator)
    Publicly traded (Approx 150 employees)

    Yes, the responsibility of risk monitoring is delegated to the Risk Management Committee who present their report to the audit committee and Board at the quarterly/annual meetings.
  • 22 Feb 2011 4:06 PM
    Reply # 530979 on 530811
    Anonymous member (Administrator)

    Small not-for-profit fraternal benefit society


    The responsibility of risk monitoring is primarily delegated to the Audit, Risk, Compliance and Finance Committee of the Board.  Overall risk is the responsibility of the Board.  Risk monitoring is shared amongst all the Committees of the Board.  Each Committee has its own key risk areas.  However the actual enterprise risk management report is presented to the Audit, Risk, Compliance and Finance Committee.
  • 22 Feb 2011 4:07 PM
    Reply # 530981 on 530811
    Anonymous member (Administrator)

    Large Wholly owned subsidiary


    Board of Directors has oversight of risk appetite, assisted by Audit Committee.  Audit Committee oversees the effectiveness of system of internal controls and business risk assessment.
  • 22 Feb 2011 4:08 PM
    Reply # 530982 on 530811
    Anonymous member (Administrator)
    At VIARAIL an annual risk enterprise management is sent to the Board of Directors. However, the Planning and Risk Committee of the Board reviews the report and makes a recommendation to the Board.
  • 22 Feb 2011 4:08 PM
    Reply # 530983 on 530811
    Anonymous member (Administrator)
    Large crown corporation

    We have a Risk Oversight Committee that oversees enterprise risks; the Audit Committee oversees financial risk; operations risk is monitored by an operations committee
  • 22 Feb 2011 4:09 PM
    Reply # 530984 on 530811
    Anonymous member (Administrator)

    Large private company

    Risk management is delegated to a Compliance/ Audit / Risk Management committee comprised of senior management representatives from key areas of the business, chaired by CFO, CEO is a member. CARM reports to the Governance Committee of the board and reports are provided to the board at board meetings.
  • 22 Feb 2011 4:10 PM
    Reply # 530985 on 530811
    Anonymous member (Administrator)

    Large, $4B revenue Public, TSX, NYSE


    We are not in an industry that is prone to special risks as would be the case with natural resources, financial enterprises or enterprises with high risk operations such as chemical or nuclear operations.

    Risk management is within the mandate of our Audit Committee.  The Audit Committee receives an annual report prepared by our internal audit team on enterprise-wide risk identification, assessment, mitigation and management.  The enterprise risk process takes a bottom-up approach and seeks from every business unit risk identification and assessment inputs as well as the steps recommended to be taken to mitigate and manage those risks.  Once a year, following the presentation to the Audit Committee, the head of internal audit makes a presentation to the Board of Directors on the same topic

Official Partner of GPC

Governance Professionals of Canada - 21 St. Clair Avenue East, Suite 802, Toronto, ON M4T 1L9
TEL: (416) 921-5449/1-800-774-2850 | FAX (416) 967-6320 | info@gpcanada.org |www.gpcanada.org 

© 2016 Governance Professionals of Canada

Terms of Use   |   Contact

Powered by Wild Apricot Membership Software