Giving us an insight into his ‘Providing assurance on key risks’ session at The Charity Accountants’ Conference, Jonathan Orchard shares some tips on how to present risk to your board:
Make sure you keep their focus on strategic risk
When it comes to operational risk they may want to know about it, but that is the responsibility of management.
Always be open and honest
If something concerns you, the board should know about it. If they know they can support you in managing that risk.
Try to avoid using risk management jargon
Net risk, gross risk, risk appetite, risk tolerance – it may show you’ve read a risk management textbook, but won’t give the trustees any confidence that you’re managing those risks effectively.