‘Asking the Stupid Question - Challenging risk at the Boardroom table’

November 29 2012

Organised in co-operation with Aon Risk Services, the Institute of Directors and the Northern Ireland Audit Office, 'Asking the Stupid Question - Challenging risk at the Boardroom table' was the second in a series of Risk Management workshops that focused on key aspects of risk and how it is managed.

The series acknowledges that managing uncertainty can be inherently difficult; people tend to be influenced more by what is salient, rather than what is probable. But in discussing possible scenarios and possible risks, the series encouraged the taking of properly considered and well-managed risks - in effect balancing prudence and internal control with permissiveness and licence to seek better outcomes and improve products and services.

Workshop #2: 'Challenging Risk at the Boardroom Table'

With directors having a duty to monitor the risks their organizations are running - to challenge business analysis, assumptions and practices; and to take action should they believe that the significant risks involved in any course of action have not been, or are not being properly or adequately identified, considered and managed - the workshop discussed:

  • Why do risk management?
  • Symptoms of stale or static risk management
  • Meeting new risk challenges
  • Embedding risk management in business decisions
  • Making decisions with little information or with a high degree of uncertainty
  • Formalising risk action plans
  • Making time for horizon scanning
  • Demanding more information of risk
  • Assurance and role of internal audit
  • Aligning objectives to events

Dr Grant Foster a London-based expert from Aon Risk Services led the discussion.

Workshop Fee: The workshop delegate fee is £100+VAT for each of the three workshops in this series.