The Next Frontier for Boards: Oversight of Risk Culture

Director Notes by the Conference Board, June 2015.

12 Pages Posted: 3 Jul 2015

See all articles by Parveen P. Gupta

Parveen P. Gupta

Lehigh University - Department of Accounting

Tim Leech

Risk Oversight Solutions

Date Written: June 23, 2015

Abstract

Weak “risk culture” has been diagnosed as the root cause of many large and, in the words of the Securities and Exchange Commission Chair Mary Jo White, “egregious” corporate governance failures. The new challenge that corporate directors face is how to diagnose and oversee the company’s risk culture and what actions to take if it is found to be deficient. This paper provides board members an overview of these new oversight expectations, outlines potential handicaps they may encounter, and offers suggestions for overseeing their company’s risk culture.

Keywords: Risk Culture, Corporate Governance, Board Oversight, Risk Management

JEL Classification: G34, D80

Suggested Citation

Gupta, Parveen P. and Leech, Tim, The Next Frontier for Boards: Oversight of Risk Culture (June 23, 2015). Director Notes by the Conference Board, June 2015., Available at SSRN: https://ssrn.com/abstract=2625706

Parveen P. Gupta (Contact Author)

Lehigh University - Department of Accounting ( email )

621 Taylor Street
RBC #37
Bethlehem, PA 18015
United States
610-758-3443 (Phone)
610-758-5992 (Fax)

HOME PAGE: http://www.lehigh.edu

Tim Leech

Risk Oversight Solutions ( email )

Toronto
Canada

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