"Towards better risk governance: a study of Singapore listed companies 2013" looked at risk management disclosures of 250 listed companies in Singapore. The study was conducted to assess the state of adoption of risk management practices by listed companies, especially in the light of the revised Code of Corporate Governance.
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According to the survey findings, greater clarity is needed on who is responsible for risk governance in an organisation. In addition, companies face challenges in determining what and how much to disclose. Some other interesting findings are:
- Only 12 percent of companies complied with the revised Code of Corporate Governance.
- Only five percent have a dedicated Chief Risk Officer(CRO)
- Also, 85 percent of companies in the study are silent on whether there is a C-suite executive responsible for risk governance in their organisation
- While 94 percent of companies in the study have an Internal Audit function, only 39 percent disclosed that the IA function meets IIA standards
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