Clifford Chance LLP ("CC"), the magic circle law firm, released last week a new report in its Thought Leadership series entitled Global Risk Report: View from the top: A board-level perspective on current business risks. The report explores the current set of challenges facing corporate boards and shares the insights of over 300 board directors of signficant firms operating in global markets.
While not wanting to share all the good bits of this report, several (not all) key findings include:
- Since the onset of the global financial crisis, a seemingly ever-growing set of risk-based challenges now face firms and boards,
- Safeguarding a firm's reputation is a key aim of any board,
- The need for more investment and commitment to risk management at all levels of the firm,
- Yet heightened role of risk management at the board level isn't necessarily a silver bullet which solves all risk related challenges. Such realisations underscore the need to not become complacent in risk management efforts beyond making risk related appointments, and
- Changing and managing firm-wide risk culture takes time!
The reports indicates that financial, reputational and legal risks receive attention in the boardroom but surprisingly cyber risks and shareholder activism generate a small amount of board attention on a relative basis. This report provides readers a good perspective of current issues facing board members of medium and large firms in a post-financial crisis world where risk seems to dominate the boardroom agenda.
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