Operational risk is for the entire board
NEW YORK – Financial institutions' risk management should ultimately be the responsibility of the entire board of directors, and not just a single board-level committee, according to Dona Young, the chair of the risk committee at Wachovia.
Delivering a keynote address at the Oprisk USA conference at the end of March, Young said that although the board can delegate the work to appropriate committees, risk management oversight at board level should go beyond any single committee.
"Securities regulations [require] board-member monitoring of risk. The standard is that the audit committee covers risk management, but it is recognised that
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