Because there is no single process appropriate for every board and every company, it is the joint responsibility of the board's risk leader and the CEO to involve the overall board in the ongoing processes of strategic planning and risk management, according to the Canadian Institute of Chartered Accountants' (CICA).
Those avenues must be constructive and appropriate to the circumstances of the company, CICA says.
The organization's "20 Questions Directors Should Ask About Risk" points out that boards of directors are responsible for approving the overall strategic direction of their company. As part of the planning process, boards must clearly understand their company's current business strategy, its critical success factors and the related business risks.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
