The design of risk governance frameworks determines both their cost and their effectiveness. If well-designed, a risk governance framework can be of far more value to an institution than mere regulatory compliance. This report, Board Risk Governance, outlines some features common to those approaches Oliver Wyman have found to be the most efficient based on extensive cross-industry experience both prior to and during the global financial crisis.
The Corporate Governance Council established by the Monetary Authority of Singapore (MAS) recently released the Risk Governance Guidance for Listed Boards to strengthen corporate governance across all listed companies in Singapore. The Guidance focuses on the role of the Board in enhancing risk governance.