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Podcast: Boards Talk About Risk, What Are They Doing About It?

Joe Mont | July 28, 2014

“Everybody talks about the weather, but nobody does anything about it.” That popular quote, often credited (incorrectly) to Mark Twain, could be modernized by replacing Mother Nature with cyber-security threats and reputation risk.

EisnerAmper – an audit, tax, and advisory firm – has released its fifth annual survey of board members about the risks that confront them. Seventy-two percent identified reputational risk as their primary concern and cyber-security/IT risk was second at 62 percent, rising almost 10 percent from last year. Surprisingly, regulatory compliance risk, the third most highly ranked concern, dropped six percentage points to 50 percent in 2014.

Boards may know they need to worry about cyber-security, but many have not taken action to mitigate the risk or decided who will ultimately direct their organizations’ course of action, the survey...

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