COMPETENT BOARDS

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Strategic Enterprise Risk Management:
Fostering Foresight and Anticipatory Governance

Companies and their boards around the world are facing enormous challenges, including anticipating risks and opportunities in an uncertain, high velocity and transformative business environment.  They are also increasingly being required in their disclosures to report on their competence in risk management (e.g., IFRS S1 and S2 on climate, cybersecurity, AI).

In this virtual session, board members and senior business leaders will gain a deeper understanding of the ERM (Enterprise Risk Management) body of knowledge, including current state of application, challenges and opportunities, frameworks, and the board’s role in oversight and foresight.  Generally, research shows that boards and management recognize the value of ERM but face challenges in integrating risk with strategy, focusing on longer term emerging risks vs. shorter term operational risks, assessing the impact of connected risks, and being more anticipatory than reactive.  Simply put, applying ERM beyond reporting and compliance to include a role in generating long-term value for multiple stakeholders.

Strategic Enterprise Risk Management: Fostering Foresight and Anticipatory Governance

Date: September 14, 2023

Time: 10-11 AM ET

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Session focus:

Explore the findings from the NC State ERM Center’s State of Risk Oversight Annual Report, and gain insights into the challenges organizations face in integrating risk management with strategy.

Learn about the relevance and application of strategic ERM frameworks like COSO in identifying, assessing, and responding to enterprise risks, and, in being more anticipatory to achieve strategic goals for stakeholders.

Reference case studies and experiences from SVB, Credit Suisse and other organizations regarding the value of building competence in strategic ERM and the potential reputational costs of not doing so.

Panelists

Dr. Mark Beasley, PhD, CPA

Alan T. Dixon Distinguished Professor of Accounting & Director of the ERM Initiative, Poole College of Management, North Carolina State University

Mark S. Beasley is the Alan T. Dixon Distinguished Professor of Accounting and Director of North Carolina State’s Enterprise Risk Management (ERM) Initiative, which provides thought leadership about ERM practices and their integration with strategy and corporate governance. He served over seven years on the COSO board and served on COSO’s Advisory Council that helped develop the 2004 Enterprise Risk Management – Integrated Framework and its 2017 revision. He is currently serving on the United Nations’ Internal Control Advisory Group that is advising the UN Controller on COSO-based best practices related to internal controls and he has assisted the UN with training on ERM.

Mark is a frequent speaker at national and international conferences and frequently consults with boards of directors and senior executives on risk oversight issues. He has authored over 100 research articles and business publications and he is the author of a leading auditing textbook.

Prior to joining NC State, Mark served as a Technical Manager in the Audit and Attest Division of the AICPA and as an Audit Manager in the Nashville, TN office of Ernst & Young. He received a BS in accounting from Auburn University and a Ph.D. from Michigan State University.

Lucia Wind

Chief Audit Executive, Unisys; Board Chair, COSO; Advisory Board Member, IRM India

Lucia Wind is a Vice President of Internal Audit at Unisys Corporation and the Company’s Chief Audit Executive. In this role, she maintains the Sarbanes-Oxley Compliance efforts and oversees the operational internal audit reviews for business process and technology areas. She also manages the organization’s enterprise risk management (ERM) program.

Concurrent with her CAE role, in January 2023 she also became the new COSO (Committee of Sponsoring Organizations) Board Chair. She also serves as an Advisory Board Member for the Institute if Risk Management (India). 

Wind has expertise in internal controls, risk management and audit practices across the technology industry, retail, hospitality and government. During her career she also led audit functions at Ellucian, the National Gallery of Art in Washington DC and at AOL. She began her audit career at Friendly’s Ice Cream Corporation, followed by TJX Companies and PricewaterhouseCoopers.

Wind is a Certified Fraud Examiner with the Association of Fraud Examiners and is also a member of the Institute of Internal Auditors and the Information Systems Audit and Control Association. She earned a Bachelor of Business Administration in finance from the University of Massachusetts, Amherst.

Facilitator

Jeff Thomson

Senior Strategic Advisor

Jeff Thomson is Senior Strategic Advisor at Competent Boards. Jeff was CEO and president of the Institute of Management Accountants for nearly 15 years before retiring in March. During his tenure, Thomson led strategy development, which resulted in double-digit growth in its Certified Management Accountant program, and more than 140,000 members in 150 countries with 350 professional and student chapters.

Jeff has been recognized as a Top 100 Most Influential Person by Accounting Today, and Trust Across America awarded him a Lifetime Achievement Award in 2022 and Top 100 Thought Leader in Trustworthy Business in 2016.

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Welcome, which course are you interested in:

Primarily discuss the topics through the lens of serving on the board. You must be serving on at least one board with fiduciary responsibility to enter this stream.

Discuss the topics through a wide range of business perspectives (including the board) and comprise senior executives, investors, and board advisors.