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Risk Management and Corporate Governance
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This report reviews the corporate governance framework and practices relating to corporate risk management in 27 of the jurisdictions that participate in the OECD Corporate Governance Committee. Against the background of the OECD Principles of Corporate Governance, it describes how various jurisdictions have chosen to implement the Principles relating to risk management.
The report analyses the corporate governance framework and practices relating to corporate risk management, in the private sector and in state-owned enterprises (SOEs). It is based upon a general survey of participating jurisdictions, complemented by three country studies illustrative of different aspects of risk management and corporate governance (Norway, Singapore and Switzerland).
The review finds that, while risk-taking is a fundamental driving force in business and entrepreneurship, the cost of risk management failures is still often underestimated, both externally and internally, including the cost in terms of management time needed to rectify the situation. Corporate governance should therefore ensure that risks are understood, managed, and, when appropriate, communicated.
Following the financial crisis, many companies have started to pay more attention to risk management. This is, however, seldom reflected in changes to formal procedures, except in the financial sector and in companies that have suffered serious risk management failure in the recent past. It appears that most companies consider that risk management should remain the responsibility of line managers.
OECD - Personal Name
978-92-64-20863-6
NONE
Management
English
2014
1-96
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