Risk oversight


An edited transcript of the interview appears below. This is not something you can delegate. You can also use risk management to increase the value of the firm.

Board of Directors. URMIA's Executive Committee and Board of Directors are members who have been elected by their peers to govern URMIA. Elections are held annually and terms vary by position. The mission of the University Risk Management and Insurance Association is to advance the discipline of risk management in higher education.
Risk management involves the identification, assessment, and prioritization of risks and the application of resources to minimize, control and mitigate the impact of unfortunate events on a business. It is the job of a board to oversee that their management teams have adequate risk management policies and procedures in place.
Risk management issues have been at an all-time high. Boards can continue to expect risk management to be an increasingly challenging part of board decision-making. There is a lot at stake with poor risk management practices. The impact will be felt from the top to the bottom and transcend across the board, management, and stakeholders.

Risk management involves the identification, assessment, and prioritization of risks and the application of resources to minimize, control and mitigate the impact of unfortunate events on a business. It is the job of a board to oversee that their management teams have adequate risk management policies and procedures in place.


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A Deloitte January survey of board members confirmed that a wide range of risk topics regularly fill boardroom agendas, and a PricewaterhouseCoopers’ survey of directors reported that 83% of directors believe there is a clear allocation of risk oversight responsibilities among the board and its committees, but nearly 20% of the directors surveyed suggested clarity about the allocation of these . Risk management issues have been at an all-time high. Boards can continue to expect risk management to be an increasingly challenging part of board decision-making. There is a lot at stake with poor risk management practices. The impact will be felt from the top to the bottom and transcend across the board, management, and stakeholders. As noted in a speech by SEC Chairwoman Mary Jo White, “[e]nsuring the right ‘tone at the top’ is a critical responsibility for each director and the board collectively.” Risk management policies and procedures and codes of conduct and ethics should be incorporated into the company’s strategy and business operations, with appropriate supplementary training programs for employees and regular .