Enterprise Risk Management from an Independent Corporate Director's Perspective

June 15, 2014

Recently, our President/CEO, Gail Birks was a featured panelist in Chicago, Illinois at the American Leaders Conference. She is also a veteran Independent Corporate Director, having served over 20 years in this professional arena.

 

Ms. Birks spoke on Enterprise Risk Management from a Board of Director's perspective.  This means that one has to look at potential risk from a universal scope.  Ms. Birks shared her  insight and expertise on Enterprise Risk Management by touching on the following areas.  The outline of her comments are below.

 

I.  Risk Management role means looking beyond the financial statements.  This creates new dialogue in the following areas...

  • Audit Committee begiins to look at the areas surrounding the core

  • Assessments of "Good Corporate Citizenship"... or is it?

  • Board Oversight... Are we asking the right questions?

 

II.  Executive Performance, Compensation and Incentives

  • What type of training are we offering our associates

  • Is our communication transparent and/or consistent

  • Do we have inclusive Strategic Planning and Monitoring

  • Are we following best practices in Operational Processes and Procedures?

  • Are the Directors and Executives managing by "Walking the Halls?"

 

III.  Compliance by any other name is about protecting our reputation

  • The Operations of our business

    • How are we running our businesses?

    • How are we managing our talent for greater retention?

  • What is our Business Strategy?

    • Do we have the right composition in our management team?  What is missing?

    • Are we and Exclusive or Incusive organization?

 

IV.  How are we framing compliance in the context of the entire enterprise.  It starts in the Board Room.  Questions to ask include...

  • What are the current compliance obligations and risks?

  • Are there any ticking bombs sitting around?

  • Who owns the risk?

  • What controls are in place that will trigger in a timely manner when problems arise?  And how well are our people trained to quickly mtigate?

  • How does the organization respond to failures in controls?  When is the board notified of extraordinary and /or significant issues?

  • How are remediation priorities set?

 

If you would like Ms. Birks to speak to your organization, she can be contacted at 954-476-3525 or gail@cma-ent.com.

 

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CMA Enterprise Incorporated

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Davie, Florida  33325

Office:  954-476-3525

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