Risk oversight and risk management are high priorities on the agenda of most organizations.
The purpose of this questionnaire is to help boards and management think about how they can develop a deeper knowledge of the risk oversight and risk management processes, understanding both the current state and desired future state. It is important for board members to be able to consider practical ideas that will help them improve their boards' risk oversight.
A sample of the topics covered in this questionnaire include:
- Is the board satisfied that the risk oversight process is focused on the most critical risks and not mired in minutiae?
- Is the board satisfied with the risk reports it receives from management and has it considered how those reports can be improved to meet its needs?
- Does the board periodically evaluate the effectiveness of its risk oversight process to ascertain whether any enhancements are needed?
- Is the board knowledgeable of the critical assumptions underlying the corporate strategy?
- Does the board understand, and appropriately challenge, the organization’s strategy and its underlying assumptions and inherent risks?
- Are we more at risk today than we were yesterday?
- Will we be at more risk tomorrow than we are today?
- Is there anything management truly fears and are those concerns out in the open?
- Does the organization consider interrelationships among risks to identify relevant risk themes?
- Is there a periodic dialogue between management and the board on acceptable risks to take in achieving strategic objectives?