Risk Oversight and Reporting
Expert-defined terms from the Corporate Governance and Compliance course at London School of Planning and Management. Free to read, free to share, paired with a professional course.
Accountability refers to the responsibility of individuals or organizatio… #
Related terms include transparency, responsibility, and answerability. In Risk Oversight and Reporting, accountability is crucial for ensuring that organizations are held responsible for their actions and decisions, particularly in relation to risk management and compliance.
Assurance refers to the confidence or certainty that an organizati… #
Related terms include risk management, compliance, and internal audit. Assurance is essential in Risk Oversight and Reporting, as it enables organizations to provide stakeholders with confidence in their ability to manage risk and comply with regulatory requirements.
Audit Committee refers to a committee of the board of directors responsib… #
Related terms include board of directors, external auditors, and financial reporting. In Risk Oversight and Reporting, the audit committee plays a critical role in ensuring the integrity and accuracy of financial reporting and the effectiveness of internal controls.
Board of Directors refers to the governing body of an organization respon… #
Related terms include governance, strategy, and risk management. The board of directors is ultimately responsible for ensuring that the organization is managed in a responsible and ethical manner, with effective risk management and compliance practices in place.
Chief Compliance Officer (CCO) refers to the senior executive responsible… #
Related terms include compliance program, laws, and regulations. The CCO plays a critical role in Risk Oversight and Reporting, as they are responsible for ensuring that the organization is complying with all relevant requirements and for identifying and mitigating compliance risks.
Chief Risk Officer (CRO) refers to the senior executive responsible for o… #
Related terms include risk management program, risk assessment, and risk mitigation. The CRO plays a critical role in Risk Oversight and Reporting, as they are responsible for ensuring that the organization is managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Compliance refers to the act of conforming to laws, regulations, and stan… #
Related terms include laws, regulations, and standards. In Risk Oversight and Reporting, compliance is essential for ensuring that an organization is operating legally and ethically, with effective compliance practices in place to prevent non-compliance and related risks.
Corporate Governance refers to the system of rules , practices, and… #
Related terms include board of directors, senior management, and stakeholders. In Risk Oversight and Reporting, corporate governance is essential for ensuring that an organization is managed in a responsible and ethical manner, with effective risk management and compliance practices in place.
Due Diligence refers to the process of investigating and evaluatin… #
Related terms include risk assessment, risk mitigation, and decision-making. In Risk Oversight and Reporting, due diligence is essential for ensuring that organizations are making informed decisions and managing risk effectively.
Enterprise Risk Management (ERM) refers to the process of identifying<… #
Related terms include risk assessment, risk mitigation, and internal controls. In Risk Oversight and Reporting, ERM is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Financial Reporting refers to the process of preparing and disc… #
Related terms include financial statements, auditing, and internal controls. In Risk Oversight and Reporting, financial reporting is essential for providing stakeholders with accurate and timely information about an organization's financial performance and position.
Governance refers to the system of rules , practices, and processes… #
Related terms include board of directors, senior management, and stakeholders. In Risk Oversight and Reporting, governance is essential for ensuring that an organization is managed in a responsible and ethical manner, with effective risk management and compliance practices in place.
Internal Audit refers to the function responsible for evaluating a… #
Related terms include internal controls, risk management, and governance. In Risk Oversight and Reporting, internal audit is essential for ensuring that an organization's internal controls and risk management practices are operating effectively.
Internal Controls refer to the policies , procedures , and proces… #
Related terms include risk management, compliance, and governance. In Risk Oversight and Reporting, internal controls are essential for ensuring that an organization is managing risk effectively and for preventing non-compliance and related risks.
Materiality refers to the threshold above which a particular risk … #
Related terms include risk assessment, risk mitigation, and disclosure. In Risk Oversight and Reporting, materiality is essential for ensuring that organizations are focusing on the most significant risks and issues and for providing stakeholders with accurate and timely information about the organization's risk profile.
Operational Risk refers to the risk of loss resulting from inadequ… #
Related terms include risk management, internal controls, and governance. In Risk Oversight and Reporting, operational risk is essential for ensuring that organizations are managing risk effectively and for preventing non-compliance and related risks.
Regulatory Compliance refers to the act of conforming to laws, regulation… #
Related terms include laws, regulations, and standards. In Risk Oversight and Reporting, regulatory compliance is essential for ensuring that an organization is operating legally and ethically, with effective compliance practices in place to prevent non-compliance and related risks.
Risk Appetite refers to the level of risk that an organization is… #
Related terms include risk management, risk assessment, and risk mitigation. In Risk Oversight and Reporting, risk appetite is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk Assessment refers to the process of identifying , analyzing… #
Related terms include risk management, risk mitigation, and internal controls. In Risk Oversight and Reporting, risk assessment is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk Management refers to the process of identifying , assessing… #
Related terms include risk assessment, risk mitigation, and internal controls. In Risk Oversight and Reporting, risk management is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk Oversight refers to the process of monitoring and reviewin… #
Related terms include risk management, risk assessment, and internal controls. In Risk Oversight and Reporting, risk oversight is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk Reporting refers to the process of communicating and discl… #
Related terms include risk management, risk assessment, and internal controls. In Risk Oversight and Reporting, risk reporting is essential for providing stakeholders with accurate and timely information about the organization's risk profile and for ensuring that stakeholders are informed and engaged in the organization's risk management practices.
Stakeholder refers to any individual or group that has a stake<… #
Related terms include governance, risk management, and compliance. In Risk Oversight and Reporting, stakeholders are essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Strategy refers to the plan or approach that an organization will… #
Related terms include governance, risk management, and compliance. In Risk Oversight and Reporting, strategy is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Tone at the Top refers to the leadership and example set by an org… #
Related terms include governance, risk management, and compliance. In Risk Oversight and Reporting, tone at the top is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Transparency refers to the quality of being open and honest … #
Related terms include risk management, risk reporting, and stakeholder engagement. In Risk Oversight and Reporting, transparency is essential for ensuring that stakeholders are informed and engaged in the organization's risk management practices and for providing stakeholders with accurate and timely information about the organization's risk profile.
Whistleblower refers to an individual who reports or discloses<… #
Related terms include compliance, risk management, and internal controls. In Risk Oversight and Reporting, whistleblowers are essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Assessing risk is a critical component of risk management, and it involves ev… #
This can be done using a variety of techniques, including risk assessments, risk matrices, and decision trees. The goal of risk assessment is to identify and prioritize risks, and to develop strategies for mitigating or managing those risks.
Compliance programs are designed to ensure that an organization is meetin… #
These programs typically include a code of conduct, policies and procedures, and training programs for employees. Compliance programs are essential for preventing non-compliance and related risks, and for ensuring that an organization is operating legally and ethically.
Corporate governance is the system of rules , practices, and proces… #
This includes the role of the board of directors, senior management, and other stakeholders. Corporate governance is essential for ensuring that an organization is managed in a responsible and ethical manner, with effective risk management and compliance practices in place.
Due diligence is the process of investigating and evaluating the p… #
This includes conducting thorough research and analysis to inform decision-making. Due diligence is essential for ensuring that organizations are making informed decisions and managing risk effectively.
Enterprise risk management is the process of identifying , asses… #
This includes strategic, operational, financial, and compliance risks. Enterprise risk management is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Financial reporting is the process of preparing and disclosing<… #
This includes financial statements, such as the balance sheet and income statement. Financial reporting is essential for providing stakeholders with accurate and timely information about an organization's financial performance and position.
Governance refers to the system of rules , practices, and processes… #
This includes the role of the board of directors, senior management, and other stakeholders. Governance is essential for ensuring that an organization is managed in a responsible and ethical manner, with effective risk management and compliance practices in place.
Internal audit is the function responsible for evaluating and i… #
This includes conducting audits and providing recommendations for improvement. Internal audit is essential for ensuring that an organization's internal controls and risk management practices are operating effectively.
Internal controls refer to the policies , procedures , and proces… #
This includes financial, operational, and compliance controls. Internal controls are essential for ensuring that an organization is managing risk effectively and for preventing non-compliance and related risks.
Materiality refers to the threshold above which a particular risk … #
This includes the level of risk or impact that requires attention and response from an organization. Materiality is essential for ensuring that organizations are focusing on the most significant risks and issues and for providing stakeholders with accurate and timely information about the organization's risk profile.
Operational risk refers to the risk of loss resulting from inadequ… #
This includes the risk of error, fraud, or other operational failures. Operational risk is essential for ensuring that organizations are managing risk effectively and for preventing non-compliance and related risks.
Regulatory compliance refers to the act of conforming to laws, regulation… #
This includes ensuring that an organization is meeting all relevant requirements and obligations. Regulatory compliance is essential for ensuring that an organization is operating legally and ethically, with effective compliance practices in place to prevent non-compliance and related risks.
Risk appetite refers to the level of risk that an organization is… #
This includes the level of risk that is considered acceptable and the level of risk that requires mitigation or avoidance. Risk appetite is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk assessment refers to the process of identifying , analyzing… #
This includes the likelihood and potential impact of a particular risk or set of risks. Risk assessment is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk management refers to the process of identifying , assessing… #
This includes strategic, operational, financial, and compliance risks. Risk management is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk oversight refers to the process of monitoring and reviewin… #
This includes ensuring that risk management is aligned with the organization's strategy and objectives. Risk oversight is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Risk reporting refers to the process of communicating and discl… #
This includes the organization's risk profile, risk management practices, and risk mitigation strategies. Risk reporting is essential for providing stakeholders with accurate and timely information about the organization's risk profile and for ensuring that stakeholders are informed and engaged in the organization's risk management practices.
Stakeholder refers to any individual or group that has a stake<… #
This includes shareholders, employees, customers, and regulators. Stakeholders are essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Strategy refers to the plan or approach that an organization will… #
This includes the organization's mission, vision, and goals. Strategy is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Tone at the top refers to the leadership and example set by an org… #
This includes the culture and values that are promoted throughout the organization. Tone at the top is essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Transparency refers to the quality of being open and honest … #
This includes the disclosure of risk information to stakeholders. Transparency is essential for ensuring that stakeholders are informed and engaged in the organization's risk management practices and for providing stakeholders with accurate and timely information about the organization's risk profile.
Whistleblower refers to an individual who reports or discloses<… #
This includes the reporting of risk or compliance issues. Whistleblowers are essential for ensuring that organizations are managing risk effectively and for providing stakeholders with accurate and timely information about the organization's risk profile.
Accountability is a critical component of risk oversight and reporting, as it <b… #
This includes the responsibility of individuals or organizations to provide an account of their actions and decisions, and to ensure transparency and answerability in their governance and compliance practices.
Assurance is also an important aspect of risk oversight and reporting, as it … #
This includes the certainty that an organization's risk management and compliance practices are operating effectively, and that stakeholders have a reasonable level of confidence in the organization's ability to manage risk and comply with regulatory requirements.
Audit committees play a critical role in risk oversight and reporting, as they <… #
This includes the appointment and oversight of external auditors, and the review of financial statements and other reports.
Boards of directors are responsible for setting the overall direction and… #
This includes the governance of an organization, and the responsibility for ensuring that the organization is managed in a responsible and ethical manner.
Chief compliance officers are responsible for overseeing an organization's co… #
This includes the management of compliance risks, and the implementation of effective compliance practices.
Chief risk officers are responsible for overseeing an organization's risk man… #
This includes the management of risk, and the implementation of effective risk management practices.
Compliance is a critical aspect of risk oversight and reporting, as it ensure… #
This includes the act of conforming to laws, regulations, and standards, and the implementation of effective compliance practices.
Corporate governance is the system of rules , practices, and proces… #
This includes the governance of an organization, and the responsibility for ensuring that the organization is managed in a responsible and ethical manner.
Due diligence is the process of investigating and evaluating the p… #
This includes the management of risk, and the implementation of effective risk management practices.
Enterprise risk management is the process of identifying , asses… #
This includes the management of risk, and the implementation of effective risk management practices.
Financial reporting is the process of preparing and disclosing<… #
This includes the management of financial risks, and the implementation of effective financial reporting practices.
Governance refers to the system of rules , practices, and processes… #
This includes the governance of an organization, and the responsibility for ensuring that the organization is managed in a responsible and ethical manner.
Internal audit is the function responsible for evaluating and i… #
This includes the management of risk, and the implementation of effective internal audit practices.
Internal controls refer to the policies , procedures , and proces… #
This includes the management of risk, and the implementation of effective internal controls.
Materiality refers to the threshold above which a particular risk … #
This includes the management of risk, and the implementation of effective risk management practices.
Operational risk refers to the risk of loss resulting from inadequ… #
This includes the management of risk, and the implementation of effective risk management practices.
Regulatory compliance refers to the act of conforming to laws, regulation… #
This includes the management of compliance risks, and the implementation of effective compliance practices.
Risk appetite refers to the level of risk that an organization is… #
This includes the management of risk, and the implementation of effective risk management practices.
Risk assessment refers to the process of identifying , analyzing… #
This includes the management of risk, and the implementation of effective risk management practices.
Risk management refers to the process of identifying , assessing… #
This includes the management of risk, and the implementation of effective risk management practices.
Risk oversight refers to the process of monitoring and reviewin… #
This includes the management of risk, and the implementation of effective risk management practices.
Risk reporting refers to the process of communicating and discl… #
This includes the management of risk, and the implementation of effective risk reporting practices.
Stakeholder refers to any individual or group that has a stake<… #
This includes the management of risk, and the implementation of effective stakeholder engagement practices.
Strategy refers to the plan or approach that an organization will… #
This includes the management of risk, and the implementation of effective risk management practices.
Tone at the top refers to the leadership and example set by an org… #
This includes the culture and values that are promoted throughout the organization, and the implementation of effective risk management practices.
Transparency refers to the quality of being open and honest … #
This includes the management of risk, and the implementation of effective risk reporting practices.
Whistleblower refers to an individual who reports or discloses<… #
This includes the management of risk, and the implementation of effective risk management practices.