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Board Agenda & Mazars has published a research report on ‘Risk Leadership by in association with the INSEAD Corporate Governance Centre The report highlights how well-prepared boards have been to respond to the Covid-19 crisis. Almost all boards say their controls and processes responded well, but only half said they were prepared for a pandemic. Most alarming is that 43% of companies believe the pandemic represents an existential threat.
There is an acknowledgement of a ‘riskier world’ with more unexpected risks that appear to be emerging at an accelerated pace. Companies seem confident that their cultures reflect the risks they face and there is a high degree of confidence in the skills available on boards. However, many boards appear to lack the information and awareness they require to tackle the risks they face. Boards that are flexible enough to adapt their strategies to the changes are more likely to emerge from the crisis in better shape for the future.
Risk management areas covered in the report, include:
- Risk focus
- Risk landscape
- Skills
- Information
- Knowledge
- Controls
- Appetite
- Culture
- Diversity
To read the full report click on the 'Download' button above.
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