GCC boards identify risk management as key issue in company governance

BDI's 2015 Promoting Professional Directorship report reveals that over 40 % of GCC board members surveyed would like to see more audit and risk management expertise at the board level
Risk management, along with succession planning, strategy and the role of the chairman, were the topics covered at BDI's Mastering the Boardroom Workshop held this week In Riyadh in partnership with J.P. Morgan
Following the last financial crisis and with the current economic climate, companies have been paying more attention to risk management. Boards play a crucial role in risk oversight, however, not enough board directors in the Gulf region are aware of and have clear visibility on the top risks facing the company according to the GCC Board Directors Institute (BDI)'s recent survey on board effectiveness.
BDI conducted its Mastering the Board Workshop in Riyadh on 24-25 November in partnership with J. P. Morgan. The two-day program focused on four pillars of high-performing boards; Risk management, the role of the Chairman, strategy and succession planning. David Beatty, Conway Director- Clarkson Centre for Business Ethics & Board Effectiveness and Professor of Strategic Management at the Rotman School of Management along with Peter Breen, Partner emeritus & Chair of the Middle East Practice & member of the EMEA CEO & Board of Directors Practice at Heidrick & Struggles were among the leading faculty.