Main benefits
The purpose of the Board Risk Survey is to identify actions which can be taken to improve the effectiveness of the Board’s oversight of an organisation in relation to its risk management framework, culture, systems and practices.
Issues of the Board’s structure, composition, meetings and reporting in relation to risk are also addressed. Board members are taken through a comprehensive range of issues relevant to the Board’s oversight of risk in a structured way.
The benefits of using the Board Risk Survey include:
- many issues that may not otherwise be included as part of a board risk review are considered
- Board members consider a comprehensive range of issues in a consistent way by responding to the same survey statements in the same order and using the same response scale
- Board member views are equally weighted and such views are not biased or impacted by the view or emotions of other members or consultants
- Board members are able to balance their consideration of each issue against the other issues in a well designed survey that takes less than 30 minutes
- an Importance and Performance response rating system and a corresponding gap analysis enables the prioritisation of issues
- the survey is independently carried out by Insync Surveys, which offers anonymity to respondents and encourages candid responses This survey is a very useful, cost effective and unobtrusive way to quickly highlight possible issues of concern and issues that may need further attention.
The survey does not replace the need to take appropriate action in relation to issues highlighted, nor does it override the need to take other steps to review and improve risk management and oversight.
