Board Paper on Risk Management Text

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washington, dc, october 4, 2011 clear, ongoing communication between a fund’s board and adviser is key to effective oversight of risk management, according to a paper recently published by the independent directors council idc and the investment company institute ici. Provides insight on approaches to risk management in the fund industry and practical guidance for fund boards in fulfilling their oversight role. This paper explores an array of potential oversight issues and considerations of importance to directors responsible for overseeing risk management by the adviser, said amy lancellotta, managing director of idc.

It is designed to assist fund boards as they carry out their oversight responsibilities in this important area. As there continues to be more focus on risk management in the fund industry, this paper will be a useful resource to fund boards in both understanding the nature of their oversight role and the variety of approaches boards take to fulfill their oversight responsibilities, according to karrie mcmillan, general counsel, ici. The paper observes that although the practices of fund boards in overseeing risk management do vary and continue to evolve, the board’s role and responsibilities generally have been constant. It notes that: directors’ responsibilities are derived from their general fiduciary duties a board’s focus is on the fund’s risks, which also entails understanding the adviser’s risks that may impact the fund and a board’s role is to provide oversight, not to manage risks.

Idc and ici identify more than half a dozen themes common to risk management that may serve as a backdrop to a fund board’s consideration of risk management processes. The paper states, for example, that tone at the top is critical to promoting a risk conscious culture and that risk management is a process, and not a one time or periodic assessment of risks. The paper also observes that risk management is everyone’s responsibility that appropriate independence makes risk management more meaningful and that risk management is forward looking and proactive. erm risk assessment in practice this thought paper provides leadership thinking on risk assessment approaches and techniques that have emerged as the most useful and sustainable for decision making. It represents another in a series of papers published by coso aimed at helping organizations move up the maturity curve in their ongoing development of a robust erm program.

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enterprise risk management for cloud computing this thought paper is published in response to the growing number of organizations utilizing cloud computing as a viable alternative for meeting their technology needs. The thought paper provides guidance on following the principles of the coso enterprise risk management erm – integrated framework to assess and mitigate the risks arising from cloud computing. enhancing board oversight: avoiding and challenging traps and biases in professional judgment a thought paper detailing a five step judgment process that board members and others can use to overcome common pitfalls and mitigate the effects of judgment bias. The judgment process is based on kpmg rsquo s professional judgment framework.

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Which enables individuals to identify where and when the quality of judgments tends to be threatened by predictable, systematic judgment traps and biases. enterprise risk management ndash understanding and communicating risk appetite organizations encounter risk every day as they pursue their objectives. Risk appetite mdash the amount of risk organizations are willing to accept in pursuit of their objectives mdash is an integral part of an effective erm system. This thought paper aims to help organizations develop, better articulate, and implement ldquo risk appetite.

Rdquo it provides examples of statements of risk appetite and emphasizes the notion that risk appetite should be clearly defined, communicated by management, embraced by the board, and continually monitored and updated. We are pleased to announce that risk management now utilises our advance online publication aop workflow. Aop means that fully typeset, definitive, citable versions of papers complete with digital object identifier, or doi will be made available online ahead of their allocation to a print issue.

Please visit our risk management aop page to view the latest research published in this journal. We are excited to announce the appointment of igor lon 269 arski university of ljubljana, slovenia as the new editor of risk management rm , replacing denis and moira fischbacher smith university of glasgow, uk. Lon 269 arski also brings a new international advisory board to rm, built from names taken from academia and industry, who will support the journal's activities and future development. He takes his post with the aim of tightening the journal's focus and steering it into a space concentrating on the rigorous quantitative examination of topics related to financial risk and financial risk management. Lon 269 arski is currently associate professor of finance at the university of ljubljana faculty of economics and program director of a graduate program in quantitative finance and actuarial sciences. His current research interests are predominantly focused on the use of multi factor asset pricing models, credit and liquidity risk, insider trading and financial scandals. In addition to academic service, he has acted in a consulting capacity for various corporations, agencies and organisations.

Palgrave macmillan whole heartedly welcome him to rm! our new editor welcomes suggestions for special issues on key topics and from time to time he may appoint guest editors to manage a special issue. See the full details of the new editorial team, along with the the aims and scope of the re launched risk management. In celebration of risk management receiving its second impact factor from thomson reuters, palgrave macmillan and the editorial team of the journal are proud to present the top ten most cited articles for the journal since 2009. These lively, topical pieces are free to view for a limited time ndash we hope you enjoy them! get closer to the central dynamics of space, place, time and scale in the shaping of risk ndash read denis fischbacher smiths editorial here.

Join our team nicsa is now hiring nicsa is recruiting for a director of marketing and operations. 2015 mvp award winners announced nicsa offers multiple networking opportunities throughout the year. From increasing your visibility and honing your marketing message to staying current on industry trends, here's a list of the top 5 reasons to attend networking events. Announcement nicsa names jim fitzpatrick new president industry veteran named new president of nicsa. I’m encouraged and gratified that jim will be assuming the role of nicsa president, as he is a proven leader having shown his experience and vision for the group’s future as a previous board member, said george batejan, chair of the nicsa board of directors. The board provides advice on erm curriculum, identifying emerging trends and best practices related to erm, advising on thought leadership and education related needs and opportunities, planning roundtables and executive education programs, and evaluating challenges and barriers. Creating executive road maps: navigating systems, building on current and new terrains, sharing knowledge nc state’s poole college of management is committed to providing graduate business education about erm for its students at the highest level.

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