We are in the process of setting up a Risk Committee (as a Committee of the Board) with a Risk Management Team and Operations Team reporting into it. The new framework will enable the Board (via the Risk Committee and Audit Committee) to focus on the top priority and strategic risks of the Company. Risks are identified within five major categories: (i) corporate risks; (ii) financial risks; (iii) global, economic and market risks; (iv) regulatory risks; and (v) operational risks.
Have other members adopted a similar approach and found it to be successful (comments welcome) ; and do they have ToR’s for their Risk Committee which they would be willing to share?
(If not a public document any ToRs can be sent via me. David M)