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CPA Canada Risk Oversight and Governance Board Role in Risk

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

Published in: Business, Economy & Finance
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CPA Canada Risk Oversight and Governance Board Role in Risk

  1. 1. CPA Canada Risk Oversight and Governance Board Role in Risk GIGI DAWE. PRINCIPAL, GOVERNANCE, STRATEGY AND RISK
  2. 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. 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. 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. 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. 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. 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

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