It may be tempting to combine the board's enterprise risk management (ERM) committee with the audit committee, as to do so cuts down on number of committees and the amount of time looking at risk. However, in the 'Three Lines of Defense' philosophy supported by the financial services industry, the roles and responsibilities of ERM versus audit are quite different. Plus, audit should independently review ERM; reporting the results to the same committee that provides ERM oversight would appear to impact some level of independence. In this condensed discussion, the risk of combining ERM and audit committees is reviewed and facts shared.Topics Include:
- ERM and Its Focus
- Audit Committees and Their Focus
- Critical Division of Risk Defense
- The 3 Lines of Defense
- Key Considerations
Subscribe to The Directors Education Series and provide your leaders with the guidance and tools needed to navigate the complexities of today's banking environment.
- Includes Audio, Video and Powerpoint.
- PDF Handouts
- Discussion Questions
- 20-25 minutes in length (Perfect to show at your monthly board meeting!)
Who Should Attend?This program is recommended for your Executive staff including every member on your Board of Directors.
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