Board of Directors Responsibility

Different levels within an organisation need different information from the risk management process.

The Board of Directors should:
• know about the most significant risks facing the organisation
• know the possible effects on shareholder value of deviations to expected performance ranges
• ensure appropriate levels of awareness throughout the organisation
• know how the organisation will manage a crisis
• know the importance of stakeholder confidence in the organisation
• know how to manage communications with the investment community where applicable
• be assured that the risk management process is working effectively
• publish a clear risk management policy covering risk management philosophy and responsibilities

Source: irm