| National Association of Corporate Directors (NACD) | - NACD was founded in 1977 and its mission is to advance exemplary board leadership—for directors, by directors.
- NACD offers two reports.
- The more recent one published in 2009, “Report of the NACD Blue Ribbon Commission on Risk Governance: Balancing Risk and Reward,” is an excellent source of information. It offers questions and guidance of directors, and their overall Ten Principles to guide directors in their efforts to provide effective risk oversight.
- The other, published in 2006, “Risk Oversight: Board Lessons for Turbulent Times” is the predecessor document.
- Both can be purchased at member and non-member prices.
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| Corporate Board Member | - Corporate Board Member, published quarterly, is the leading information resource for senior officers and directors of publicly-traded corporations, large private companies, and Global 1000 firms.
- Provides readers with decision-making tools to deal with the strategic and corporate governance challenges confronting their boards.
- Recent events offered include a one-day event on Risk Oversight. Also, their 2010 Supplement, titled “Boardroom Liabilities: Shining a Spotlight on Risk,” includes important questions for directors to consider.
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View Boardroom Liabilities Shining a Spotlight on Risk article |
| Canadian Institute of Corporate Directors (ICD) | - The Institute of Corporate Directors (ICD) is a not-for-profit, member-based association representing Canadian directors and boards across the for-profit, not-for-profit, and government sectors.
- They offer events and directors education programs, such as the ICD.D certification, and more.
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| Compliance Week | - A leading information source on governance, risk and compliance offering insightful and up-to-the-minute articles and information.
- Offer a very well attended annual conference featuring leading directors and leading GRC experts.
- Includes articles on risk oversight, such as a recent one entitled, “Directors Still Failing to Bring Risk Oversight Up to Par,” (February 1, 2011).
- Editor, Matt Kelly, offers insights and guidance through twitter. This twitter feed, and Risk Oversight’s twitter page, is well worth signing up for.
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Twitter |
| International Corporate Governance Network (ICGN) | - ICGN is a not-for-profit body.
- It has evolved into a global membership organization of over 500 leaders in corporate governance in 50 countries, with institutional investors representing assets under management of around US$12 trillion.
- The ICGN’s mission is to raise standards of corporate governance worldwide.
- Best practice guidance includes “Corporate Risk Oversight Guidelines,” an excellent document describing risk oversight guidance for the board and company, including disclosure.
- Note: you can download an extract of this report but must be a member or contact ICGN to obtain a full copy of the guidelines.
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| COSO | - COSO recently released guidance and surveys relating to the current state of board risk oversight.
- The survey, “Board Risk Oversight. A Progress Report: Where Boards of Directors Currently Stand in Executing their Risk Oversight Responsibilities,” sought input directly from over 200 corporate directors to obtain deeper knowledge of the current state and desired future state of the risk oversight process.
- They also offer another survey, COSO’s 2010 “Report on ERM: Current State of Enterprise Risk Oversight and Market Perceptions of COSO’s ERM Framework.”
- Another document released in 2009, “Effective Enterprise Risk Oversight: The Role of the Board of Directors,” is a brief document on the role of directors in risk oversight.
- More guidance is expected from COSO as they ramp-up efforts to support boards.
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| Canadian Institute of Chartered Accountants (CICA), Risk Oversight and Governance | The CICA offers research and guidance for boards of directors and senior managers on risk oversight and governance.
- Formerly known as the Risk Management and Governance Board, the name has recently been changed to better reflect the nature of their directors’ oversight role.
- Guidance includes the 20 Questions Series, which offers directors information relating to risk, strategy, internal audit, crisis management, codes of conduct and more.
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| Conference Board of Canada | - The Conference Board of Canada is a not-for-profit applied research organization in Canada.
- Offer publications such as the 2011 “Risk Oversight Practices: Two Success Stories”; the September 2010 Review, “Risk Watch: Thought Leadership in Risk and Governance.
- Offer forums and conferences on risk management topics.
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Senior Supervisors Group
Risk Management Lessons from the Global Banking Crisis of 2008 (October 2009) | - Regulators in the world’s biggest financial powers got together to identify the root causes of the global financial crisis.
- They identified weak board oversight of risk as a key element of ‘what went wrong?’
- Their report proposes steps that companies and countries should take to prevent another global meltdown.
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Improving Board Risk Oversight: Eight Simple Steps Show You How
Mark Beasley, PhD (February 3, 2011) | A great article that describes the board's responsibility to understand management’s risk management processes and approve the process (as well as understanding the most significant risks the organization faces) and determine what risk responses have been taken to align to stakeholder appetite. | Visit Site |
U.S. Securities and Exchange Commission (SEC)
Speech by Carlo V. di Florio, Director, Office of Compliance Inspections and Examinations
CCOutreach National Seminar (February 8, 2011) | This speech includes information on risk management and the role of the board and senior management with regards to:
- potential expectations from the SEC in understanding how risk management is embedded in key business processes and decision-making;
- risk appetite and tolerances set by the board and senior management;
- structure, resources and internal audit processes, and how the board of directors is staffed and structured to ensure it can effectively set risk parameters;
- fostering an effective risk management culture;
- overseeing risk-based compensation systems and effectively overseeing the risk profile of the firm.
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