The document outlines the essential components of risk governance within organizations, focusing on the roles of the board of directors and senior management in establishing an enterprise-wide risk management framework. It emphasizes the importance of aligning risk management with business operations, implementing risk controls, and maintaining a continuous monitoring system. Additionally, it highlights the need for regular risk reporting and compliance to effectively mitigate risks and protect organizational assets.

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2. RISK GOVERNANCE
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Board of
Directors
Senior
Management
Risk
Management
Reporting
Business
units
Establish Enterprise Strategy
Example: Defining the company's risk appetite
Formulate Strategic Plans
Example: Developing a risk management framework
Implement Business Operations and Processes
Example: Executing risk assessment procedures
Apply Risk
Guidance
Example: Implementing
risk mitigation strategies
Perform Risk
Monitoring
Example: Continuous risk
tracking and reporting
Report to Board
of Directors
Example: Annual risk reports
Provide information
for Senior Management
Example: Quarterly risk
status updates

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RISK GOVERNANCE
Establish and
maintain a
common
risk view
Integrate risk
management
into the
enterprise
RISK
GOVERNANCE
OBJECTIVES
Establish a
common view of
risk for the enterprise
Example: Creating a
unified risk language
and framework
Determine controls
to mitigate risk
Example: Implementing
encryption for data security
Integrate controls
into business
processes and
information security
Example: Regular
security audits in
IT projects
Enforce a holistic
enterprise risk
management (ERM)
approach
Example: ERM software
deployment across
departments
Require integration
of risk management
across all functions
and locations
Example: Local compliance
officers in each branch
Ensure compliance
with a baseline level
of risk management
Example: Regular
security audits in
IT projects

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RISK GOVERNANCE
Make risk
aware business
decisions
Ensure risk
management
controls are
implemented and
operating correctly
RISK
GOVERNANCE
OBJECTIVES
Consider the full
range of opportunities
and their effects
Example: Risk vs.
Reward analysis
for new investments
Require risk
analysis periodically
or with significant
environmental
changes
Example: Reassessing
risk portfolio after
market fluctuations
Oversee and monitor
to ensure the
effectiveness of
risk controls
Example: Quarterly
control effectiveness
reviews
Mitigate risk
and protect
organizational
assets
Example: Insurance
coverage for critical
assets

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