Sure, emerging markets offer numerous growth opportunities for multinational companies, but they also bring an increasing amount of compliance and integrity risk. A survey of 500 executives at companies in North America conducted by Deloitte and Forbes Insights found that 85 percent said their level of concern over the potential for compliance and integrity risks […]
Risk Management
Posted inBoards & Shareholders
Take Advantage of the Hiatus In Corporate Governance Changes
It’s time to channel your inner Sherlock Holmes. Holmes famously advised Inspector Gregory to note “the curious incident of the dog in the night-time.” When the inspector noted that the dog did nothing unusual in the night, Holmes responded: “That was the curious incident.” Likewise, perceptive observers of the annual gathering of the great and […]
Posted inRisk Management
Regulator Warns on Risk Disclosure
*/ /*–>*/ A corporate reporting regulator has warned U.K.-listed companies to rethink the way they give shareholders information about their main risks and uncertainties. The Financial Reporting Review Panel issued its warning after deciding that too many companies were not complying with their legal responsibilities in this area. The panel said it had recently “challenged […]
Posted inRisk Management
Survey: Companies Unhappy With Vendor Risk Assessments
Vendor risk assessments continue to confound many companies, even while they say that getting a handle on supply-chain risk is at the top of their priority list. According to a survey by research firm Briefcase Analytics, 93 percent of the 173 corporate executives surveyed ranked vendor risk assessment as important or very important, but 56 […]
Posted inAccounting & Auditing
European Banks Struggle With Risk Appetite
Standards of risk governance have improved at Europe’s 25 biggest banks, but many boards are still failing to send management a clear message on the level of risk they can take, according to a new report. Boards are more involved in approving risk appetite than they were before the financial crisis, but only 64 percent […]
Posted inRisk Management
Companies Failing to Learn Risk Lessons
As the financial crisis abates, companies are likely to return to the limited “compliance-based” approach to risk management that got so many of them into trouble, according to a new study by accountants Grant Thornton. The firm surveyed senior executives at 465 U.K. and Irish companies and found “disappointing” attitudes to risk management. Risk processes […]
Posted inRisk Management
Risk Oversight Tips for Directors, From Directors
With the financial crisis focusing increasing attention on corporate risk oversight in general, the topic is top of mind for boards these days. Those grappling with the board’s role in overseeing the company’s risk exposure can take some tips gathered from other public company directors. In a report published by The Conference Board, authors André […]
Posted inAccounting & Auditing
PCAOB Adopts Eight New Standards on Risk Assessment
In one fell swoop, the Public Company Accounting Oversight Board adopted a slate of new auditing standards that tell auditors how to assess risk, doubling the number of standards in the board’s rulebook. The board adopted Auditing Standards No. 8 through No. 15, giving auditors a detailed roadmap for assessing and responding to the risks […]
Posted inRisk Management
Survey Shows More Work to Be Done on Comp Risk
Compensation committees may have more work to do to fully understand the level of risk in their organizations’ pay plans, according to findings of a recent survey by compensation consultancy Pearl Meyer & Partners. While 60 percent of the 630 directors and employees polled say they’re confident that their compensation committees fully understand the level […]
Posted inAccounting & Auditing
Get a Grip on Risk, Regulator Tells Canadian Bank Boards
Board directors at Canada’s financial services companies need to get a better grip on risk management, according to the country’s financial regulator. “The old excuses—the risk is too complicated, I don’t want to second guess, I don’t have enough time—just aren’t good enough anymore,” said Ted Price, an Assistant Superintendent at the Office of the […]