Managing Risk at Board Level
Date: On a date of your choice
Location: Delivered as an interactive briefing
Event Code: MRBL
Getting risk management right is becoming increasingly important for firms. Regulators and rating agencies are focussing on the quality of the processes that deliver assurance to stakeholders that risks are properly identified and managed. The Board is ultimately accountable for overseeing the effectiveness of the system and taking the key decisions about what risks and opportunities to take in pursuit of the strategy.
This critical activity is known as Enterprise Risk Management and this 2 hour briefing will provide Directors with a practical perspective on the importance of mature and effective risk management to decision-making, strategic delivery and successful outcomes. The session will provide practical ways for setting a standard and assessing the effectiveness of your business in linking risk management with strategy.
Who should attend:
Executive and Non Executive Directors who are accountable for: oversight of an organisation’s risk management arrangements and the setting and execution of risk strategy.
1. Setting your Risk Management Structure
- The journey so far – implementation, embedding and use
- Commercial and regulatory requirements
- Structures for risk management
- Split of responsibilities between the Risk Function, Risk Committee and the Board
- Alignment with your strategy, operating environment and control framework
2. Setting and using Risk Indicators and Appetites
- The purpose and use of these measures
- The Board’s role in setting the risk appetite and tolerance limits
- Using KRI’s to monitor risk appetite
- Aligning risk appetites to risk capital and business strategy
- Stress and scenario testing and resilience planning
3. Responding to Results
- Clear and complete risk MI for the Board. How much is too much and vice versa?
- Responding to adverse trends – linking the risk MI to business decisions
- The role of risk culture in effective risk management
4. Third party expectations
- Evidencing effective Risk Management
- External reporting & disclosure – topics to consider
- Regulatory expectations and other interested third parties
- Recognise the importance of setting and monitoring Risk Appetite statements and how to make sound decisions when straying into the red
- Consider how useful your Board level risk MI is now and how it could be improved
- Understand the full scope of risk and how those areas less familiar or considered low risk can impact your business
- Check whether your approach sufficiently integrates your risk appetite, your risk capital and your business strategy
- Know what third parties and regulators are looking for in terms of the Board’s familiarity and involvement in the process
Your Consultant: Eithne McManus
As an expert in risk management and insurance, Eithne McManus consults with firms on finance, actuarial and audit matters. She leads many workshops and training events to keep Directors and senior managers up to date on these topics. Her business experience allows her to understand the practical issues that firms face and to demonstrate ways to improve on the status quo.
A qualified actuary, Eithne spent much of her career with City of Westminster Assurance, where she was Chief Financial Officer before becoming Chief Executive. After the sale of CWA to Chesnara, she assumed responsibility for risk management within the Chesnara group as a whole. Eithne is also a non-executive director of a small mutual insurer where she chairs the audit committee.
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