Regional Audit Committee Networks, November 2020
Enterprise risk management (ERM) has been through a decade of change since the financial crisis. Management teams—overseen by attentive boards—set out to create processes to help better prepare for future events. The COVID-19 pandemic placed risk management under a bright spotlight both by putting new risks on the radar and by emphasizing the importance of a dynamic process to respond as risks emerge. In addition, boards and audit committee oversight of enterprise risk took on even greater significance as the multipronged crisis affected their companies.