Original Source: COSO

“The role of the board of directors in enterprise-wide risk oversight has become increasingly challenging as expectations for board engagement are at all time highs. Risk is a pervasive part of everyday business and organizational strategy. But, the complexity of business transactions, technology advances, globalization, speed of product cycles, and the overall pace of change have increased the volume and complexities of risks facing organizations over the last decade. With the benefit of hindsight, the global financial crisis and swooning economy of 2008 and the aftermath thereof have shown us that boards have a difficult task in overseeing the management of increasingly complex and interconnected risks that have the potential to devastate organizations overnight. At the same time, boards and other market participants are receiving increased scrutiny regarding their role in the crisis. Boards are being asked – and many are asking themselves – could they have done a better job in overseeing the management of their organization’s risk exposures, and could improved board oversight have prevented or minimized the impact of the financial crisis on their organization? …”

Contributors: Open Source
Categories: SIG U Resource, Whitepaper
SRC Type: Risk Management, Sourcing Management, Third Party Management