Building a Better Board: 5 Ways Qualified Risk Directors® are Critical to Business Success
- Impact Boards EM
- 6 days ago
- 2 min read
Updated: 2 days ago
Positively embrace risk to improve company performance
In the fourth publication in the Building a Better Board series, DCRO provide insights on what other board members perspectives of the benefits of Qualified Risk Directors® in the Boardroom.
All board members know that risk-taking is essential for success. Still, most who present “risk” to the board do so in ways that carry a negative connotation – focused on how things can go wrong or on controls and compliance – not the strategic use of risk that is most critical to board and company success and makes the best use of board talent.
“Make no mistake: having proper oversight and controls is essential to board success,” said David R. Koenig, President and Chief Executive Officer of the DCRO Risk Governance Institute. “But if we stop there, we leave 80% of the value of understanding risk well on the table.”
One thing is certain: the expectations of boards with regard to understanding risk are growing, as is the accountability for risk governance. In fact, all senior managers and board members are expected to understand risk governance and the organization’s approach to risk-taking and oversight well beyond the basics. Risk is vast, complex, and quickly evolving.
To gain further insight into how risk knowledge can elevate board discussions, DCRO asked board members from diverse industries and geographies who work with Qualified Risk Director® why the contribution to discussions and oversight around risk from such experts is both different and critical to business success.
Read the full publication here.
To access other publications, including others in the 8-part series, please visit the DCRO Institute's website.
