Concerns About Risks Confronting Boards Blog Series

Marc Fogarty's article, 'The Dos and Don’ts of Overseeing an Accounting Investigation' was published in NACD Directorship. This two-part blog series, covers common Dos and Don'ts that may arise and ways to effectively manage the process.

Sara Melnick is a junior at Syracuse University pursuing a bachelor’s degree in Sociology with a minor in Retail Management. Sara interned with EisnerAmper’s marketing team during the summer of 2016.

This year we asked directors which risks, specifically, garner the most board discussions with the least management action. We did so in an open-ended format, allowing for a range of responses.

At a recent National Association of Corporate Directors roundtable sponsored by EisnerAmper, attendees discussed the implications of the 2016 election results, pending regulations, and changing geopolitical and demographic landscapes.

Not-for-profit boards rank senior management succession planning as their top concern. Directors of public and private organizations rank it as their second most significant concern. So, how is something of such concern being managed?

Cybersecurity is of the utmost concern for public and private directors. We asked what the board’s level of confidence is in the management of cybersecurity risk by the organization’s leadership.

More than 200 board members identified the risks of most concern to their organizations. Senior management succession planning (out of fourteen possible risks) has emerged as a top concern and cybersecurity risk as a top trending concern.

Since 2010, EisnerAmper has issued an annual survey to members of boards of directors across the United States. The survey focuses on the risks that are top of mind for directors and how they are managed both at the board and operational level.