Determine strategic approach to risk and set risk appetite. Establish the structure for risk management. Understand the most significant risk and manage the organization in a crisis.

Build risk aware culture within the unit. Agree risk management performance targets. Ensure implementation of risk improvement recommendations. Identify and report changed circumstances / risks.

Understand, accept and implement RM processes. Report inefficient, unnecessary or unworkable controls. Report loss events and near miss incidents. Co-operate with management on incidents investigations.

Assist in establishing specialist risk policies. Develop specialist contingency and recovery plans. Keep up to date with developments in the specialists area. Support investigations of incidents and near misses.

Develop a risk-based internal audit program. Audit the risk processes across the organization. Receive and provide assurance on the management of risk. Report on the efficiency and effectiveness of internal controls.

Aligning risk appetite and strategy: Management considers the entity's risk appetite in evaluating strategic alternatives, setting related objectives, and developing mechanisms to manage related risks.

Enhancing risk response decisions: Enterprise risk management provides the rigor to identify and select among alternative risk responses - risk avoidance, reduction, sharing, and acceptance.

Reducing operational surprises and losses: Entities gain enhanced capabilities to identify potential events and establish responses, reducing surprises and associated costs or losses.

Identifying and managing multiple and cross-enterprise risks: Every enterprise faces a myriad of risks affecting different parts of the organization, and enterprise risk management facilitates effective response to the interrelated impacts, and integrated responses to multiple risks.

Improving development of capital: Obtaining robust risk information allows management to effectively assess overall capital needs and enhance capital allocation.

Seizing opportunities: By considering a full range of potential events, management is positioned to identify and proactively realize opportunities.

Strategic: high-level goals, aligned with and supporting its mission. Operations: effective and efficient use of its resources. Reporting: reliability of reporting. Compliance: compliance with applicable laws and regulations

Components of Risk management: Internal environment. Objective setting. Event identification. Risk assessment. Risk response. Control activities. Information and communication. Monitoring.

Relationship of Objectives and Components: Effectiveness, Limitations, Encompass Internal Control, Roles an Responsibilities.

Discuss the state of enterprise risk management with senior management and provide oversight as needed. Ensure it apprises of the most significant risks, along with actions management is taking and enterprise risk management.

Consider how they conduct their responsibilities and discuss strengthening enterprise risk management.

Consider their standards and guidance according to this framework

Might be the subject of academic research and analysis, to see where future enhancement can be made.

Promote corporate governance as integral to running an organization and delivering governance outcomes such as an ethical culture, good performance, effective control and legitimacy.

Broaden the acceptance of the King IV by making it accessible and fit for implementation across a variety of sectors and organizational types.

Reinforce corporate governance as a holistic and interrelated set of arguments to be understood and implemented in an integrated manner.

Encourage transparent and meaningful reporting to stakeholders.

Present corporate governance as concerned with not only structure and process, but also with an ethical consciousness and conduct.

The organization as an integral part of society: Organizations operate in a societal context, which they affect and by which they affected.

Stakeholder inclusivity: Independent relationship between organization and its stakeholders, and the organization's ability to create value for itself depends on the ability to create value for others.

Corporate citizenship: The status as corporate citizen confers rights, obligations and responsibilities on the organizations towards society and the natural environment.

Governing body should govern the ethics of the organization in a way that supports the establishment of an ethical culture

Governing body should ensure that the organization is and is seen to be a responsible corporate citizen.

Governing body should appreciate that the organization's core purpose, its risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process.

Governing body should comprise the appropriate balance of knowledge, skills, experience, diversity and independence for it to discharge its governance role and responsibilities objectively and effectively.

Its arrangements for delegation within its own structures promote independent judgement, and assist with balance of power and the effective discharge of its duties.

Ensure that the appointment of, and delegation to, management contribute to role clarity and the effective exercise to authority and responsibilities.

Govern technology and information in a way that supports the organization setting and achieving its strategic objectives.

Govern compliance with applicable laws and adopted, non-binding rules, codes and standards in a way that support the organization being ethical and a good corporate citizen.

In execution of its governance role and responsibilities, the governing body should adopt a stakeholder-inclusive approach that balances the needs, interests and expectations of material stakeholders in the best interests of the organization over time.

Ensure that responsible investment is practiced by the organization to promote the good governance and the creation of value by the companies in which it invests.