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Global risks driving transformational change

Richard M. Steinberg | March 15, 2016

Risk management is getting better. More CEOs and their senior management teams are identifying where things could go wrong, and where they need to go right, and doing the associated analysis and taking action to manage the risks. Experience shows it might be a CFO, general counsel, or board of directors prodding a CEO to take such actions. But in any event, we see more CEOs embracing risk management and their organizations doing better at it.

A few weeks ago, I met with members of the boards of directors of two NYSE companies, and I found that management has been providing heat maps and or “top 10” lists of the more significant risks, making the directors comfortable they were receiving information both relevant and at the right level to enable their oversight of risk management. Or at least they thought so until we looked a bit deeper.

Reports to the board

Heat maps can provide important information to a board of directors. They typically...

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