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Thanks
I support my colleagues answers
No. It is not necessary for the Board to have requisite skill set for effective risk oversight. They should have an overall experience of the industry though. But to say that they must possess some kind of certification, then it is not necessary.
Yes, Board members have requisite skills and put in effective controls
A board is supposed to have expertise in risk management
The critical role of the board in effective risk oversight.
The financial crises experienced over the past few years have left most organizations with a measure of economic caution not seen in a generation, new regulations with which to comply, and a heightened appreciation for good risk management. Directors are frustrated with the amount of time they must spend on regulatory and financial compliance matters — time that would be better spent talking about the future of the business, progress made on realizing strategic business initiatives, and proactive risk mitigation activities. The directors’ role is to balance performance and compliance by ensuring that management’s actions are consistent with corporate strategy, reflective of the culture of the business, and in line with the organization’s risk tolerance. They are expected to do their homework and be close enough to each other and the business to understand and analyze opportunities as well as risks in detail, while still maintaining enough distance to effectively challenge and assess how executives are managing performance and risk. Better-performing boards have found a balanced formula for overseeing and encouraging the management team, while constructively challenging management’s decisions as required.
Research suggests that organizations with more mature risk management practices outperform their peers financially. We believe that by applying a broad risk lens to the business, bringing to bear their experience and skills, and asking the right questions at the right time, directors can help companies realistically challenge assumptions, identify risks, understand their potential impact and manage effectively. We see and assist many boards and organizations that are striving to achieve better balance in their risk oversight activities, and we are witness to new leading practices as they emerge.
If by board, you mean board of directors, then no they don't have. As risk management is a day to day operation most of the time with emphasis on strategic risk management.
Thei involvement will mostly be considered on the strategic goals plans.
