Risk Committee Effectiveness Survey
We offer a range of board, committee and individual director reviews that can be tailored to meet specific requirements. Our expertise and experience includes carrying out and overseeing almost 200 board and committee surveys and evaluations for large ASX corporations, private companies, government entities and not-for-profit organisations.
Risk Committee Effectiveness Survey
The purpose of reviewing your organisation's risk committee effectiveness is to identify actions which can be taken to improve the effectiveness of your board or management committee's oversight in relation to your:
- risk management framework
- culture
- systems, and
- practices.
Issues of the committee's structure, composition, meetings and reporting in relation to risk should also be addressed. Committee members are taken through a comprehensive range of issues relevant to their oversight of risk in a structured way.
Risk Committee Effectiveness Survey
The benefits of using the Risk Committee Effectiveness Survey include:
- consideration given to many issues that may not otherwise be included as part of a risk committee review
- committee members consider a comprehensive range of issues in a consistent way by responding to the same survey statements in the same order and using the same response scale
- committee member views are equally weighted and such views are not biased or impacted by the view or emotions of other members or consultants
- committee members are able to balance their consideration of each issue against the other issues in a well-designed survey that takes less than 30 minutes
- an importance and performance response rating system and a corresponding gap analysis enables prioritisation of issues
- the survey is independently carried out by Insync Surveys, which offers anonymity to respondents and encourages candid responses
This survey is a very useful, cost-effective and unobtrusive way to quickly highlight possible issues of concern and issues that may need further attention. The survey does not replace the need to take appropriate action in relation to issues highlighted, nor does it override the need to take other steps to review and improve risk management and oversight.
Consulting
A risk committee review can be undertaken by using a Risk Committee Effectiveness Survey either separately or in conjunction with member and management interviews, reviews of the charters, agendas, committee papers, minutes and the like by experienced board and risk specialists.
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