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The Role Corporate Governance Plays in Risk Management

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The Role Corporate Governance Plays in Risk Management Last Updated: June 4, 2024 As an auditor, compliance officer or risk manager, you’re used to balancing the delicate processes that impact your company’s performance. Modern corporate governance practices provide assurance that enables boards to take smarter risks.

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Case Study: Transforming LogicManager

LogisManager

Improved Collaboration : A unified view of risks and controls has enabled seamless communication and coordination across departments. For instance, when a metric deviated from the norm, we drilled down to discover that coordination of activities had become more challenging with remote work.

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Bridging the Gap: How Risk Managers Empower Boards

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Stay tuned as we delve into the art and science of ERM reporting, strategy alignment, and the pivotal role of risk management in contemporary corporate governance. Directors are entrusted with the duty to act in the best interests of the corporation and its shareholders, which includes the duty of care, good faith, and loyalty.

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What is the Three Lines of Defense Approach to Risk Management?

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The proposed standards emphasize a stronger corporate governance and include an over-arching requirement for these banks to adopt the Three Lines Model. This includes business units, departments, and individuals directly responsible for managing and executing processes and activities that generate risk.

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Building an Effective Board Governance Committee: Everything You Need to Know

LogisManager

Building an Effective Board Governance Committee: Everything You Need to Know Last Updated: June 4, 2024 Your company relies on its board of directors to ensure high profitability and a good public reputation, and effective corporate governance is essential for supporting those goals. What Is a Governance Committee?

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Top Board Governance Models

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Regular risk assessments and open communication between board members, management and stakeholders are essential to staying proactive in addressing emerging risks A well-defined governance model is forward-looking, while designed to mitigate risks. Fraud, negligence and waste: Board members are responsible for maintaining fairness.

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Strategic Risk Management

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Conversely, tactical risks, also known as operational risks, are more immediate, arising from the day-to-day execution of activities within the existing strategic framework. They have a profound impact on the overall direction and sustainability of the business.

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