Answer to Question #65755 in Finance for Abdul

Question

Discuss the requisite skills set to provide effective risk oversight.

Answer 1

The board has a responsibility to take the necessary steps to assure that it has a proactive and dynamic approach that results in the effective oversight of risk management. The board should oversee the way that the risk management process recognizes, prioritizes and effectively mitigates and responds to risk. The board should not only be attentive to negative events, but also to events that may bring opportunities to the organization.

Reference:
https://erm.ncsu.edu/library/article/effective-risk-oversight