Risk management's role in corporate governance

One of the dilemmas faced by directors is the need to be entrepreneurial in ensuring the future succcess of a company while at the same time retaining prudent control. A conversation is required among some directors and boards to review what is meant by risk and risk management, their governance responsibilities in relation to risk, and the extent to which the risk management community is perceived as a help or hinder to addressing contemporary challenges facing boards and their companies, and whether contemporary risk management attitudes and practices inhibit or support risk taking, enterprise and entrepreneurship. Issues that need to be considered include the accountability and professionalism of the risk manangement community, remaining current as risks and requirements change, widening involvement in risk management, learning from other professions, perceptions of risk, risk and responsible business, recognising realities, embracing supply chains and network organisations, changing approaches, the risks of order, rules and regulations, and professional aspirations. Suggestions are made as to what is required in these areas and how the risk management community should respond. Published in an edited book of papers to accompany the London Global Convention 2017 and 17th International Conference on Corporate Governance & Sustainability as: Coulson-Thomas, Colin (2017), Risk Management's Role in Corporate Governance, in Ahluwalia, J. S. (Editor), The Board: Emerging Issues of Corporate Governance & Sustainability Challenges, London, IOD Publishing, 25th October, pp 52-61 [ISBN: 978-81-933766-2-1