Notable quote: PwC perspective on boards and risk oversight

According to John Barry, Leader, Center for Board Governance, PriceWaterhouse Coopers, United States – "Boards should approach risk oversight systematically across divisions and functions and consider various business scenarios for unknown risks."

2 Responses to Notable quote: PwC perspective on boards and risk oversight

  1. Paul Johnson says:

    Sounds difficult when the risk is unknown… presumably the risk event is known, but quantification is not possible

  2. Within risk management circles I’ve noticed a shift in focus – away from the multitude of upside and downside risks that theoretically could arise – and towards the smaller number of consequences. This approach is helping healthcare organisations prepare for most eventualities, and some black swan events too.

    By focussing on their divisions and functions, healthcare Boards should be in a better position to assess and manage internal risk, having answered these four questions.

    Do staff and other workers understand and embrace the organisation’s core values?

    Are they clear about the actions and behaviours that are acceptable and those that are off-limits?

    Is the risk management system fit for purpose, particularly with respect to key performance variables?

    Do the various controls that are in place, complement each other and stimulate learning?

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