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Boards and Risk

A Summary of Discussion with


Companies, Investors and Advisers

Financial Reporting Council


Adelia Rizkarunisa
Anugrah Cahya Ningtias
Catur Widi J. M
Katherine Marsha
Kintan Imanda Sabilina
Agenda
Introduction
The Role of the Board, Committees and
Management
The Company’s Approach to Risk
The Changing Nature of Risk
The Quality and Use of Information
Sources of Assurance
Risk and Control Culture
Public Reporting
The Turnbull Guidance
Introduction
By: Adelia
• UK Corporate Governance Code yang dikeluarkan pada Mei 2010
menyatakan bahwa "Dewan bertanggung jawab untuk menentukan
sifat dan tingkat risiko signifikan yang bersedia diambil dalam
mencapai tujuan strategisnya …harus menjaga manajemen risiko
yang baik dan sistem pengendalian internal".

• Awal tahun 2011 FRC mengadakan rapat  mempelajari lebih lanjut


tentang bagaimana board melaksanakan tanggung jawab tersebut di
pasar yang berubah dengan cepat.

• Peserta dari lebih dari 40 perusahaan besar yang terdaftar -


termasuk ketua, direktur eksekutif dan non-eksekutif dan kepala
risiko dan audit internal

• Juga terlibat dalam diskusi ini adalah investor dan penasihat terpilih
• Membahas masalah yang terlibat dalam menilai dan mengelola risiko

• Selain itu, sejumlah organisasi yang terlibat membawa beberapa


anggotanya untuk melihat perspektif masing-masing anggota

• Tujuan dari laporan  bukan sebagai panduan, melainkan


merupakan upaya untuk menangkap kontribusi dari perusahaan,
investor, dan penasihat dengan keyakinan untuk dapat membantu
perusahaan lain dalam memikirkan pendekatan mereka sendiri
terhadap risiko
The Role of the
Board,
Committees
and
Management
By: Anugrah Cahya Nintias
Tiap partisipan memiliki tanggungjawab u/
mengidentifikasi tanggungjwb resiko seperti:
Peran ▫ Menentukan pendekatan untuk mengidentifikasi
Dewan resiko
▫ Menentukan dan mengatur budaya yang tepat
untuk organisasi
▫ Mengidentifikasi resiko bawaan pada bisnis
model dan strategi. Termasuk resiko dari
eksternal
▫ Memonitor paparan resiko dan resiko yang paling
utama yang paling mempengaruhi strategi
reputasi/prediksi jangka panjang
Peran
Komite Memastikan bahwa board menerima saran yang bagus
& informasi yang didapat untuk pengambilan keputusan
1. Menerapkan kebijakan resiko dan melakukan
pengawasan menggunakan prosedur dan proses
Peran yang efektif.
Dewan 2. Manajemen bertanggung jawab dalam mengelola
Manajeme resiko yang dialokasikan pada tiap individu di semua
tingkat organisasi.
n
3. Manajemen bertanggung jawab untuk
mengidentifikasi resiko operasinal dan
menyampaikannya kepada dewan apabila
diperlukan.
The Company’s
Approach to
Risk
Pendekata
n Resiko Pendekatan resiko yang disarankan adalah dengan
Perusahaa pengartikulasikan jenis resiko apa yang dapat diterima
atau tidak.
n

*mengingat beragamnya resiko yang dihadapi


sehingga perlakuan terhadap resiko tidak dapat di
samakan dari waktu ke waktu
The Changing
Nature of Risk

By: Katherine Marsha D


• The role of the Board in identifying risks differed for
different categories of risk, with the Board having
The particular responsibility for identifying risks linked to
the strategy
Changing
• “top down” risks, and contrasted to “bottom up”
Nature of operational risks which it was the responsibility of
Risk management to identify then bring attention to the
Board.
• These distinctions did not hold when it came to the
Board’s responsibility for managing risk.
• There was evidence that boards were spending more
time than previously considering key risks, both at
board meetings and outside. Value from discussion
help Board indentify priorities.
• The form these discussions took varied.
• at least the Board received regular briefings on
The societal, political and other external
Changing developments so that they could consider
the potential impact on the business.
Nature of
• it was important for boards to challenge
Risk received wisdom and ask themselves what
would be the worst thing that could happen.
• reputational risk was not considered a
separate category, but a consequence of
failure to manage other risks successfully. but
now, reputational risk considered as a “grace
period
▫ There were significant risks
inherent in the supply chain and
The outsourced activities, so the Board
needed to seek assurance that the
Changing supplier or contractor shared the
Nature of company’s risk and control culture.
Risk
The Quality and
Use of
Information
By: Catur Widi J. M.
The Quality ▫ Risk Map
and Use of ▫ Mengatur arus informasi
Information ▫ Net Risk
▫ Target Risk
Sources of
Assurance

By: Catur Widi J. M.


Sources of ▫ Mengadakan pertemuan rutin dengan para
Assurance manajer dari seluruh perusahaan
▫ Self-certification
▫ Manajemen risiko dan audit internal menyediakan
tujuan, jaminan independen kepada dewan dan
komite.
▫ Assurance Map
▫ Audit eksternal
Risk and
Control Culture
By: Kintan Imanda
Risk and Good culture resulted in better judgement, which
Control reduced the reliance on process and provided comfort to
the Board and senior management.
Culture
It was essential the boards to influence the behaviour
of management and staff.
Risk and Risk and control culture was one of the issues on which
Control it was most difficult for boards to get assurance
Culture
Very difficult to judge whether risk awareness was truly
embedded or whether it was seen as a compliance
exercise.
The importance of ensuring that incentives were aligned
with the company’s strategy and risk appetite or
tolerance in order to promote an appropriate culture was
Risk and widely recognised.
Control
Culture One common approach was to ensure that
responsibility for managing specific risks was
clearly allocated to individuals at all levels of the
organisation, and their performance was measured and
reflected in how they were rewarded.

In some companies the Remuneration Committee had


been given responsibility for considering how to align the
company’s approach to risk and control with its
remuneration and incentives.
Public
Reporting
By: Kintan Imanda
Some institutional investors said that they placed more
importance on the assurance they received from
discussions with boards and management than on the
Public words in the annual report.
Reporting
Investors felt that boards should focus especially on
strategically significant risks, and that this might be done
by linking risk reporting to discussion of the business
model

Reporting on the company’s risk appetite was felt to be


difficult as risk appetite was not constant but varied over
time and depending on market conditions
Suggestions for improving reporting included:

Public ▫ integrating commentary on risk throughout the


report, rather than treating it as a standalone
Reporting section;

▫ specifically, linking reporting on risk to discussion of


strategy and the business model;

▫ explaining changes in the company’s risk exposure


over the previous twelve months, as a result of
changes to the strategy or business environment,
and indicating if it mightchange in the future; and

▫ disclosing how key risks were being mitigated.


Some participants were concerned that the proposals
might increase the length of the report without a
Public corresponding increase in value
Reporting
However other participants thought that audit committee
reports would provide greater reassurance that the Audit
Committee was operating effectively and properly
discharging its responsibilities.
Public There was little enthusiasm for external auditors to be
Reporting given mandatory responsibilities for validating risk
reporting.

it was felt that the audit firms did not necessarily have
the expertise to assess risk management and internal
controls.
The Turnbull
Guidance
By: Adelia Rizkarunissa
▫ Relevance and usefulness of ‘Internal Control:
Revised Guidance for Directors’ (“the Turnbull
The Guidance”)
Turnbull ▫ Most participants felt it was useful
Guidanc ▫ Pandangan berbeda mengenai:
e ◦ Sejauh mana Guidance membantu dewan
dengan aspek lain dari tanggung jawab
mereka?
◦ Apakah dan sejauh mana perubahan mungkin
diperlukan?
▫ Argumen untuk memperbarui Guidance
▫ Agar semakin sesuai dengan tujuan
perusahaan
▫ Memberikan panduan yang belum ada untuk
beberapa aspek peran dari Dewan, seperti
▫ Mayoritas participants lebih memilih meninjau
setidaknya bagian dari panduan
The
▫ Apakah masih applicable? Mengingat
Turnbull perubahan lingkungan di mana perusahaan
Guidanc beroperasi
e
▫ Apakah cukup mencerminkan kaitan antara
strategi dan risiko yang telah ditetapkan dalam
UK CG code yang sudah direvisi

▫ Membahas masalah budaya dan perilaku

▫ Refresh the appendix


Thanks!
Any questions?