To help you answer this question, there are two things I suggest you consider very carefully:
1) What aspects of risk management activity might be relevant? In my lectures I talked about risk-based internal control and enterprise risk management.
You could write about both aspects, or just one. Or you could choose something else like information risk managment or cyber security risk management. What matters is that you are clear about what aspects of risk management can contribute to governance, and you should think carefully about, and write clearly about, what their contributions can be.
2) What needs to happen within a system of governance? Here you might consider that managers need some freedom to manage, directors need to provide a framework of effective oversight and scrutiny/monitoring for managers, and shareholders need timely and accurate information to help them value their investments and take decisions about them.
Once you have thought about (1) and (2), you can begin to draw specific connections… for example…. systems of risk-based internal control are characterised by elaborate committee structures which permit boards to ensure principal risks are addressed by managers. These committee structures help improve governance because they bring directors into close contact with managers, to dicuss risk agendas, over the course of the year.
That is just one simple example of how a risk management activity can make a positive contribution to governance. How many more links will you be able to think of? Consider that the essay challenges you to make links like this. Try to be creative.
Also, please consider these more general points when designing your assessments:
please select the references from here:
Leitch, M. (2008) Intelligent Internal Control and Risk Management: designing high performance risk control systems, Gower Publishing Limited, ISBN 978-0-566-08799-8
-Ward, S. (2005) Risk Management: organisation and context. Witherby & Co Ltd, 32-36 Aylesbury Street, London, EC1R 0ET. www.witherbys.com
ISBN 1 85609 298 4
Woods, M. (2011) Risk Management in Organizations: an integrated case study approach, Routledge.
Andersen, T.J. & Schroder, P.W. (2010) Strategic Risk Management Practice: how to deal effectively with major corporate exposures, Cambridge University Press.
� Leitch, M. (2010) A Pocket Guide to Risk Mathematics: key concepts every auditor should know, John Wiley & Sons.
� Moeller, R.R. COSO Enterprise risk management- understanding the new integrated ERM framework. John Wiley Hoboken, New Jersey, USA.
Ariely, D (2012). The (honest) truth about dishonesty. Harper.
Hare, R.D. (2011). This charming psychopath: how to spot social predators before they attack. Psychology Today. Available online at: https://aftermath-surviving-psychopathy.org/index.php/this-charming-psychopath-how-to-spot-social-predators-before-they-attack/
Janis, I.L. (1971). Groupthink. Psychology Today�5�(6): 43�46, 74�76.
Lovallo, D and Kahneman, D (2003). Delusions of Success: How Optimism Undermines Executives� Decisions. Harvard Business Review, July 2003. Available online at: https://learn.test.dau.mil/CourseWare/801209_2/resrcs/solving/4279.pdf
Ariely, D. (2012). The (honest) truth about dishonesty. Harper Collins.
Basel Committee on Banking Supervision (2013). International Regulatory Framework for Banks (Basel III). Available at: https://www.bis.org/bcbs/basel3.htm
COSO (1992). Internal control � integrated framework.
COSO (2004) Enterprise Risk Management – Integrated Framework.
European Commission (2009). Solvency II Directive (2009/138/EC).
Financial Reporting Council (2014a). The UK Corporate Governance Code.
Financial Reporting Council (2014b). Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.
ISO 31000:2009. Risk management�Principles and guidelines.
Leitch, M. (2012). The reality of risk: culture, behaviour, and the role of accountants. ACCA. Available at: https://www.workinginuncertainty.co.uk/studies.shtml
The Governance Code Steering Group (2010). Good Governance: a Code for the Voluntary and Community Sector. Charity Commission. Available at: https://www.governancecode.org/full-code-of-governance/
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