Citation Matching

Citation Reference: Accountability and Responsibility ¶ 1

Citation Guidance: The board of directors has the primary responsibility for risk oversight in the entity, and in many countries it has a fiduciary responsibility to the entity's stakeholders, including conducting reviews of enterprise risk management practices. Typically, the full board is responsible for risk oversight, leaving day-to-day responsibilities of managing risk to management. Some full boards retain ownership while others delegate board-level responsibilities to a committee of the board, such as a risk committee. Regardless of the structure, it is common to develop a statement that defines the board's and management's respective responsibilities.