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Optimising board oversight of compliance as a risk governance instrument

Author

Listed:
  • Niemi, Ilona

    (Global Compliance Executive, Canada)

Abstract

Technological advancements, extended understanding of board members' fiduciary duty and corporate scandals have put an increasing focus on board oversight of compliance as a risk governance instrument. To build and sustain board oversight of compliance, which satisfies regulatory obligations, organisational requirements and boards' needs, is an ongoing challenge and requires significant focus by compliance teams at financial services organisations. This paper outlines a framework for board compliance reporting as a two-way communication process to ensure that boards remain on top of their oversight obligations in today's era of trust, in which stakeholders are more broadly seeking an effective demonstration of organisations' compliance responsibilities. In this practice paper five core levers are defined which are required to be in place in the board compliance reporting, in order to optimise board oversight of compliance as a risk governance instrument: adaptability, empathy, active listening, transparency and effective dialogue.

Suggested Citation

  • Niemi, Ilona, 2023. "Optimising board oversight of compliance as a risk governance instrument," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 16(3), pages 273-281, June.
    • Handle: RePEc:aza:rmfi00:y:2023:v:16:i:3:p:273-281
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    More about this item

    Keywords

    risk governance; board; board oversight; board compliance reporting; communication; net promoter score (NPS); compliance risk;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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