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‘Risk governance’ or ‘risk oversight’ (I see the terms as synonymous) is a topic that comes up quite often in governance codes, regulator and investor group guidance, and (of course) in risk management frameworks.
But is it something that boards should be doing? Should they be providing oversight on risk?
Maybe they should, but perhaps not in the way that most have been doing it- and I would prefer a different description.
A 2012 article by Matteo Tonello of The Conference Board (based on an article by Tim Leech) references a National Association of Corporate Directors Blue Ribbon Commission report that talks about risk oversight in a traditional way:
While risk oversight objectives may vary from company to company, every board should be certain that:
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the risk appetite implicit in the company’s business model, strategy, and execution is appropriate
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2. the expected risks are commensurate with the expected…
