In November 2009 I contemplated "Should Board Audit and Risk Committees be Separate?" and today I question "Should a Board have a risk committee at all?"
In 2009 I concluded:
- Management's responsibility is to identify, manage and report on risk with a predefined risk appetite which has been established in consultation with the oversight body, most commonly a Board of Directors or an Advisory Board.
- The Board has an "assurer role" to provide stakeholders with assurance that management has done the