Schumer: Boards must have Risk Management Committee
Charles Schumer will be introducing a “Shareholders Bill of Rights” that will, among other more widely known initiatives, require that corporate Boards of Directors must have a Risk Management Committee as they now have an Audit Committee.
Buried in the bill requiring “Say on pay” for executives and other shareholder rights is a provision that will elevate the role of the risk management professionals I am meeting at the Gartner Summit on Risk Management and Compliance this week.
Gartner may need to put “Governance” back as a headliner in their GRC practice.
Impact for Ediscovery: More pressure to quantify and make costs predictable as they will be more visible at the Board level, less tolerance for out of the blue sanctions; possible convergence with FAS 5, requiring disclosure of potential litigation costs, opposed by the Association of Corporate Counsel.
Filed under Sound Evidence, Technology Counsel, Uncategorized.