The Institute of Risk Management (IRM) has issued new guidance on the subject of risk appetite and tolerance aimed at helping organisations better understand the risks they take when pursuing their strategic objectives. IRM’s guidance document has been endorsed by the Chartered Institute of Internal Auditors (CIIA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Secretaries and Administrators (ICSA), The Chartered Institute of Public Finance and Accountancy (CIPFA) and ALARM, the public risk management association.
IRM deputy chairman Richard Anderson, the main author of the report, said: “Risk appetite today is a core consideration in any enterprise risk management approach for organisations of all types, yet there is little widespread understanding about what it means and how it can be applied. In the light of the explicit requirement in the UK Corporate Governance Code for boards to understand the nature and the extent of the risks that they face, IRM decided to take the lead on drawing together some practical guidance on the subject, aimed at board members as well as risk professionals. We are particularly pleased that other respected professional bodies are supporting our work – risk is everyone’s business and a common understanding and approach helps us work together to address this challenging area.”
Anderson summed up the work as follows: “Fundamentally, this is about helping boards to steer their organisations in achieving their objectives, as well as complying with corporate governance requirements. In the corporate world this will result in more sustainable, long-term value creation and in the public sector or not-for-profit world, it will result in better social outcomes.”
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