A large, global organization sought assistance with engaging their new board chairperson, growing board of directors (BoD) and executive leadership team (ELT) to perform an evaluation of their risk management activities, formally define the organization’s risk appetite and develop an enterprise risk management framework customized to the needs of the organization and industry.
Baker Tilly developed and administered a robust risk appetite survey to members of the organization’s BoD and ELT to obtain both qualitative and quantitative feedback from stakeholders across each level of the organization and better understand risk perspectives from each stakeholder group in areas such as strategic, operational and regulatory risk.
Baker Tilly also conducted individual interviews with all members of the BoD and facilitated risk discussions with other members of the organization’s management team to obtain additional insights on risk appetite, risk tolerance, risk governance and risk management activities across the enterprise.
Our work helped the organization establish risk appetite statements that aligned with stakeholders’ views in the areas of strategic, operational and regulatory risk. A customized roadmap was provided to management with detailed guidance on the resulting risk tolerance levels for each area along with leading practice recommendations for management to integrate this work into a formal enterprise risk management framework.
