Chapter 26 Manage Risk Effectively
Determine the company’s reasonable risk appetite (financial, safety, cyber, political, reputation, etc.), see to the implementation by management of state-of-the-art standards for managing risk, monitor the management of those risks within the parameters of the company’s risk appetite, and oversee that necessary steps are taken to foster a culture of risk-aware and risk-adjusted decision-making throughout the organization.
Identify Risks that Can Kill the Company. Thinking about risk is fascinating and can be an endless exercise unless framed in a useful format. Boards will want to choose carefully their own definition of significant risk and their risk appetite. To my mind, focus needs to be first on defining ...
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