In the prior issue, we provided insights into the areas where the risk oversight process could be improved. These insights were based on the results of a comprehensive survey we conducted of more than 200 directors regarding the current state of board risk oversight. Sponsored by the Committee of Sponsoring Organizations (COSO), this survey provides a basis for boards to examine how they can improve their risk oversight process.
Boards may want to consider the recommendations in view of the nature and complexity of their organizations’ operations and risks, as well as the current state of their risk oversight processes. In this issue of Board Perspectives: Risk Oversight, we take the additional step of listing some recommendations based on the insights from the survey.