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King IV Report - Principle 11 - Coggle Diagram
King IV Report - Principle 11
Core Principle
Governing risk to support strategic goals.
Key Responsibilities of Governing Body
Risk Appetite & Tolerance:
Define risk appetite (acceptable risk levels).
Determine loss capacity limits.
Policy Creation:
Approve policies guiding risk governance.
Risk Integration:
Embed risk in decision-making and duties.
Delegation to Management:
Assign responsibility for implementing risk management.
Ongoing Oversight:
Assess risks and opportunities:
Triple context (economic, social, environmental).
Organizational reliance on capitals.
Implement risk responses.
Ensure business continuity.
Embed risk in culture and operations.
Independent Assurance:
Consider periodic external assurance on risk effectiveness.
Disclosure Requirements
Risk Direction:
Establish risk approach.
Address both opportunities and risks:
Risks affecting strategy.
Positive/negative effects on objectives.
Disclosure Requirements
Key Focus Areas:
Objectives, key risks, and out-of-tolerance risks.
Monitoring & Effectiveness:
Actions taken and outcomes addressed.
Risk Overview:
Governance and management arrangements.
Future Focus:
Planned risk governance improvements.