Two years after the Securities and Exchange Commission enacted new proxy disclosure rules requiring companies to reveal more about how their boards oversee risk, many companies are still struggling with how to effectively communicate aspects of their risk-management programs to investors.

The most vexing question companies are struggling with right now is what constitutes a “good” disclosure, says Brian Barnier, principal analyst at ValueBridge Advisors.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...