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ERM Oversight

  • 22 Jan 2019 5:58 PM
    Message # 7028181
    Deleted user

    Dear Colleagues,

    In your view, what is the best practices for which governance body should be responsible for ERM?

    Should it be the Finance & Audit Committee or should it be the Board itself?

    Thank you,

    Mae-Yu

  • 04 Mar 2019 3:24 PM
    Reply # 7199000 on 7028181
    Deleted user

    Hello Mae-Yu- this is a complex subject governed by the needs of the board. In simple terms, you should be concerned that the following elements in ERM are in place: Education- of directors and executive team; Process-specifically that Management is following steps in risk for: identification; assessment; control and mitigate risks; monitoring; reporting; Governance- that structures are in place for board and executive team, roles in risk defined, and an ERM Policy in place; Board Oversight- briefly, 5 steps: correct structure and correct committee chosen; governance best practices followed; Risk Appetite set; Risks aligned with Objectives; Risk Culture established; Strategy- proper processes in place in strategy setting. I can delve further into these areas as you wish, a current paper I'm writing will outline these items in full. Steve


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