Risk Management Moving to the Fore at Board Meetings
March 24, 2010 2 Comments
Risk management is increasingly moving to the fore in boardrooms across corporate America. At least that is what some board members shared with finance professionals last week at a conference in Orlando, Florida. According to a report in CFO magazine, risk management concerns among others are driving the desire for more exposure from the finance team. Here is a summary of their report.
With board members more concerned about risk management and succession planning these days, CFOs should make sure they — and their staffs — have a strong presence in the boardroom, a group of retired CFOs-turned-board members told financial executives attending the CFO Rising conference in Orlando last Wednesday. ”The board wants to make sure they hear all opinions,” said Ellen Richstone, former finance chief of several public companies, including Sonus Networks, and now on the board of Blue Shift Technologies. “They don’t want to hear just the CEO.” If the CFO and other members of the management team aren’t available to the board, it sends up a red flag, she said.
Any red flags at your company’s board meetings due to a lack of involvement by the finance team? If so, there is no time like the present to remedy the situation.