COSO, in partnership with Protiviti, surveyed over 200 individuals currently serving on corporate boards of directors about the current state of enterprise risk management. Board members were divided on the effectiveness and maturity of their processes and efforts, according to the survey. While 53 percent of participants rated the risk oversight process in their organizations as “effective” or “highly effective,” more than 70 percent indicated that their boards are not formally executing mature and robust risk oversight processes.
The responses to several questions about key elements of risk oversight suggest the board’s risk oversight is not always supported by robust underlying processes and there is overall dissatisfaction among a significant number of directors in several areas, including how risks are integrated with the organization’s strategy. There is general agreement among respondents that there should be a more structured process for monitoring and reporting key risks to the board.
The findings in this report provide valuable insights into how an organization can advance this critical process to a more mature stage. The report summarizes key insights and recommendations for improvement developed by Protiviti for improvement.
Listen to a 20 minute podcast highlighting key findings of this report.
Download the full report.