At XCEO, we are committed to the oversight of risk at the board level. In fact, our unique approach to risk is not only for the board but for individual directors as well. Although the dialogue surrounding risk is fundamental to improved oversight, so too is applying data, constructive feedback and benchmarking analyses in order to better understand the risk mitigation progression. In an effort to help boards develop a clear and viable model for assessing risk, we have created the Board Risk Profile™ (BRP) and the Individual Risk Profile™ (IRP) assessments which recognize various risks at the board and director level.
Having partnered with many boards, we understand the linkages between risk and strategy, recruiting, committee effectiveness and increasing value for shareholders. What we have found by working with our clients, is that establishing a common understanding of risk, defining risk for the organization and setting in place a process for mitigating that risk is one of the most important responsibilities that a board of directors has.
Used in order to help the board acknowledge and prioritize risks, our board-initiated assessment provides detailed and thoughtful questions, highlighting areas where various risks are appreciated and where more attention could be spent on risk. An evaluation that produces three automatically generated reports available to the board, the information is provided to the board in a digestible, powerful and convenient way so that less time is spent collecting data, and more time spent on understanding risk and the development of relevant mitigation processes.
A personal, self-assessment of one's individual risk, this analysis is unique and exciting in that this is an effective way for each director to assess his or her own risks as a member of the board. Very different than the questions asked in the board risk assessment, this evaluation provides directors the opportunity to consider themselves and their peers in regard to risk. A compelling evaluation, many directors have not been presented with the opportunity to truly gauge their own personal risk.
Companies and their boards are required by regulators and shareholders to institute effective risk oversight procedures as a regular component of enterprise risk management. XCEO's commitment to the successful achievement of risk oversight by the board of directors is reflected in the comprehensiveness of our BRP and IRP offerings. Their importance in an effective risk oversight framework can make a difference in the success of the organization.
XCEO's oversight products will help identify and strengthen performance in the areas which the board needs to be addressed. Due to the significance of an effective risk oversight program for the success of the organization, XCEO provides a comprehensive approach for boards to improve its performance and assistance when needed.