Your organisation is clear on its purpose and values, has a clearly-defined corporate strategy and has even set SMART strategic objectives for the executive. But how much risk should the organisation take in trying to achieve its objectives and deliver its strategy?

Unfortunately, the generally accepted approach is to develop a board-level risk
appetite statement…

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Imagine that you are an audit or risk committee member and it’s that time again. The committee agenda reads something like ‘Review of top 12 risks’. Dutifully you and the other committee members run down the list, discussing, asking probing questions, getting updates from management.

You look around the table and everyone seems engaged. But you can’t help feeling the whole thing is something of a waste of time. The trouble is, the same process is used by your other boards, so this must be how it’s done…

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