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January 10, 2023 | Report
This multipart series is intended to help executives better mitigate their risks and execute their strategies; it highlights core topics where errors can create operational and franchise risks for even the best-run firms.
The seventh pitfall arises when boards inadvertently amplify or overlook risks. Novice board members who lack risk management experience can themselves be a source of risk for even the best-run firms. Corporations should appoint battle-hardened individuals to their boards, especially those who have seen market and industry upheaval and have thrived amid crises. This is one of the best defenses for companies facing escalating risks. Hiring directors with both business cycle exposure and risk management skill sets creates a strong foundation for a company.
From Outsourcing Risk Management to DIY Threat Monitoring and Robustness
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