The Importance of Board Risk Oversight in Times of Crisis

2021 ◽  
Author(s):  
Marion Dupire ◽  
Christian Haddad ◽  
Regine Slagmulder
Keyword(s):  
Risk Oversight

Board Risk Oversight and Environmental and Social Responsibility

2020 ◽  
Author(s):  
Hami Amiraslani ◽  
Carolyn Deller ◽  
Christopher D. Ittner ◽  
Thomas Keusch
Keyword(s):  
Social Responsibility ◽  
Risk Oversight

Hedge Fund Liquidity Management: Insights for Systemic Risk Oversight

2020 ◽  
Author(s):  
George O. Aragon ◽  
A. Tolga Ergun ◽  
Giulio Girardi
Keyword(s):  
Systemic Risk ◽  
Hedge Fund ◽  
Liquidity Management ◽  
Risk Oversight

The Integration of ERM and Strategy: Implications for Corporate Governance

2017 ◽  
Vol 31 (2) ◽  
pp. 69-82 ◽  
Author(s):  
Therese R. Viscelli ◽  
Dana R. Hermanson ◽  
Mark S. Beasley
Keyword(s):  
Corporate Governance ◽  
Boards Of Directors ◽  
Implementation Process ◽  
Structured Interviews ◽  
Executive Management ◽  
Strategic Direction ◽  
Strategic Value ◽  
Enterprise Risk ◽  
Leadership Structure ◽  
Risk Oversight

SYNOPSIS Since the early 2000s, expectations have increased for organizations to strengthen corporate governance with enterprise risk management (ERM) processes, with the accounting profession playing a major role in these efforts. The ultimate goal of an effective ERM process is to help boards and senior executives to manage risks in the context of strategy so that the organization is more likely to achieve its key objectives. We conduct semi-structured interviews of 15 ERM champions to provide insights about whether the ERM process is integrated with the strategic-planning and execution processes of the firm. We find that while the decision to launch ERM often is based on a desire for ERM to provide strategic value, the integration of ERM with strategy typically is limited. We then examine the ERM implementation process to identify possible ERM implementation practices limiting ERM's integration with strategy. We find that organizations' (1) culture and approach to preparing for ERM's launch, (2) ERM leadership structure, and (3) management of key risks appear to limit the intersection of ERM and strategy. Our summary of key findings highlights important considerations for boards of directors, executive management, and auditors as they assess the effectiveness of their risk oversight efforts in overseeing the strategic direction of the enterprise.

REGULATING RISK: OVERSIGHT OF MICROBIAL PRODUCTS OF BIOTECHNOLOGY UNDER THE U.S. TOXIC SUBSTANCES CONTROL ACT

1999 ◽  
Vol 01 (03) ◽  
pp. 329-347 ◽  
Author(s):  
REBECCA A. EFROYMSON
Keyword(s):  
Environmental Protection ◽  
Environmental Protection Agency ◽  
Genetically Engineered ◽  
Institutional Constraints ◽  
Toxic Substances ◽  
Protection Agency ◽  
Microbial Products ◽  
Toxic Substances Control Act ◽  
Risk Oversight ◽  
The U.S

The Toxic Substances Control Act (TSCA) is the legislation used by the U.S. Environmental Protection Agency to regulate releases of genetically engineered microorganisms. The rule defining the scope of the notification requirements for releases of microbial products of biotechnology was published in April 1997. The Environmental Protection Agency (EPA) had some latitude regarding the extent to which various categories of microorganisms would be regulated, but the agency was constrained by requirements of TSCA and an interagency agreement about how to regulate products of biotechnology. This paper investigates the extent to which the scope of oversight is based on risk. A risk-based rule is defined as one where the reporting requirements are based on potential for exposure or expected adverse effects. The evolution of the rule is described, and risk-based components are discussed. In conclusion, the scope of oversight of microbial releases is determined to be based on risk to the extent that legislation and institutional constraints permit.

Board and Management-Level Factors Affecting the Maturity of IT Risk Management Practices

2018 ◽  
Vol 33 (3) ◽  
pp. 117-135
Author(s):  
Nishani Edirisinghe Vincent ◽  
Julia L. Higgs ◽  
Robert E. Pinsker
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Management Practices ◽  
Factors Affecting ◽  
Management Level ◽  
It Risk Management ◽  
Top Managers ◽  
Risk Oversight ◽  
The Impact ◽  
It Risk

ABSTRACT The Securities and Exchange Commission's 2009 enhanced proxy disclosure requirements and the updated Committee of Sponsoring Organizations' (COSO) Internal Control Framework have caused organizations to increase their focus on risk management and consider the impact of information technology (IT) in enterprise risk management. Our study examines whether board involvement, board expertise, and top management's risk culture affect the maturity of IT risk management practices (maturity) in firms. We find that board involvement positively influences maturity while top managers' risk-taking behavior is associated with lower maturity. Even though board expertise influences maturity, board involvement is more important in explaining maturity. Maturity is higher in firms where risk oversight lies with a board-level, rather than a management, committee. However, the maturity of ITRM practices does not differ among firms whether risk oversight lies with the overall board, or any other board committee. The findings contribute to an under-researched area in IT governance.

Board Risk Oversight and Corporate Tax-Planning Practices

2020 ◽  
Author(s):  
Mark S Beasley ◽  
Nathan C. Goldman ◽  
Christina Lewellen ◽  
Michelle McAllister
Keyword(s):  
Board Of Directors ◽  
Tax Planning ◽  
Enterprise Risk Management ◽  
Corporate Tax ◽  
Management Framework ◽  
Risk Management Framework ◽  
Enterprise Risk ◽  
The Board Of Directors ◽  
Tax Benefits ◽  
Risk Oversight

Risk oversight by the board of directors is a key component of a firm's enterprise risk management framework, and recently, boards have paid more attention to their firm's tax-planning activities. In this study, we use a hand-collected sample of proxy statement disclosures about the board's role in risk oversight and provide evidence that risk oversight is negatively associated with both tax uncertainty and overall tax burdens. We find that risk oversight is most strongly associated with positions that yield permanent tax benefits and also with less risky tax-planning activities. Overall, the evidence suggests that board risk oversight is associated with more effective tax-planning practices.

Transparency Regulation in Financial Markets – Moving into the Surveillance Age?

2011 ◽  
Vol 2 (3) ◽  
pp. 305-321
Author(s):  
Iris H-Y Chiu
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Financial Sector ◽  
Regulatory Control ◽  
Legal Reforms ◽  
The Global Financial Crisis ◽  
Risk Oversight

In the wake of the global financial crisis, the trajectory of legal reforms is likely to turn towards more transparency regulation. This article argues that transparency regulation will take on a new role of surveillance as intelligence and data mining expand in the wholesale financial sector, supporting the creation of designated systemic risk oversight regulators.The role of market discipline, which has been acknowledged to be weak leading up to the financial crisis, is likely to be eclipsed by a more technocratic governance in the financial sector. In this article, however, concerns are raised about the expansion of technocratic surveillance and whether financial sector participants would internalise the discipline of regulatory control. Certain endemic features of the financial sector will pose challenges for financial regulation even in the surveillance age.

Risk Oversight: Evolving Expectations for Boards

EDPACS ◽  
2014 ◽  
Vol 49 (3) ◽  
pp. 1-21 ◽  
Author(s):  
Parveen P. Gupta ◽  
Tim J. Leech
Keyword(s):  
Risk Oversight
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