Discovery Resources » Schumer: Boards must have Risk Management Committee

Schumer: Boards must have Risk Management Committee

Posted By Mary Mack On April 30, 2009 @ 2:32 pm In Sound Evidence,Technology Counsel,Uncategorized | No Comments

Charles Schumer will be introducing ^[1] 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 ^[2] 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. ^[3]

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URLs in this post:

[1] introducing: http://tinyurl.com/bod-risk

[2] Gartner Summit on Risk Management and Compliance: http://agendabuilder.gartner.com/risk3/WebPages/Home.aspx

[3] requiring disclosure of potential litigation costs, opposed by the Association of Corporate Counsel.: http://www.discoveryresources.org/technology-counsel/fasb-litigation-risk-disclosure-comments-due-today-882008/

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