19 June 2015
Work with risk managers to guide the board, says Julia Graham
Managing risk has never been higher on the board agenda. This was confirmed by the updated Financial Reporting Council guidance published last September, which firmly pins ultimate responsibility for managing risk and internal control on the board. Critically, it also recognises that without taking risk there is no return – better business decision making requires better risk decision making.
Many would ask why this guidance is needed if it simply sets out good business sense. Although it...