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CPA Canada Risk Oversight and Governance Board Role in Risk

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Presentation by Gigi Dawe. …

Presentation by Gigi Dawe.
Principal, Governance, Strategy and Risk, CPACanada, September 24, 2013, Chicago, Illinois

Published in: Business, Economy & Finance

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  • Directors must understand their fiduciary duties
  • Transcript

    • 1. CPA Canada Risk Oversight and Governance Board Role in Risk GIGI DAWE. PRINCIPAL, GOVERNANCE, STRATEGY AND RISK
    • 2. Role of CPA Canada’s ROGB in Risk • Chartered professional Accountants of Canada, through its Risk Oversight and Governance Board (ROGB), develops guidance materials for boards of directors and senior officers • As such, our focus is on the oversight of enterprise risk, vs. risk management. • Our goal is to offer unique support specifically for directors that supports the activities of management
    • 3. Role of CPA Canada’s ROGB in Risk • Twelve year ago the ROGB began the 20 Questions series for directors – concise, practical guidance • The 20 Questions series address subjects important to directors by posing questions that directors may ask of management, advisors, or themselves • A brief summary of current thinking and some recommended practices are provided for each question
    • 4. Issues • Insufficient time spent on risk oversight – and on risk management • Limited knowledge of the organization and risks associated • Lack of clarity – board / management role • Limited knowledge of finance • Excessive reliance on management / few advisors • No system in place to manage risks or to communicate them to the board
    • 5. Role of CPA Canada’s ROGB in Risk • In 2012 the ROGB published A Framework for Board Oversight of Enterprise Risk – a slightly different, more “prescriptive” approach • Intended to support management use of COSO, ISO-31000 or other • Feedback from directors – very positive – unique, usable, new • Feedback from risk managers – “keep out” – made changes for more support
    • 6. Risk Oversight Framework • Oversight of the risk management systems and processes by the board including continuously reviewing both the planning and outcomes of such processes. • Propose the board needs to play a more active and direct role in the oversight of risk • Boards need to much better understand their role
    • 7. Where are we going? • Like this group we want to support international efforts and provide CPAs a picture of international initiatives • Want to ensure that any director materials are aligned with risk management • We will vary delivery methods