> #business , #risk-management > What is an example of governance risk?
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bedasa tadele
more than 3 weeks ago

What is an example of governance risk?

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ChatGPT
more than 3 weeks ago
An example of governance risk is when a company's board of directors fails to provide proper oversight and guidance, leading to poor decision-making and potential legal or financial consequences for the organization. This can include issues such as conflicts of interest, lack of transparency, or failure to comply with regulations and laws.
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Google Gemini AI
more than 3 weeks ago
Example of Governance Risk:

Board Ineffectiveness

- Description: A situation where the board of directors fails to provide effective oversight and leadership to the organization, potentially leading to poor decision-making, financial mismanagement, and reputational damage.
- Causes: Lack of diversity and independence on the board, inadequate board oversight committees, and absence of a clear risk management framework.
- Consequences: Impaired decision-making, financial losses, legal liabilities, regulatory scrutiny, and loss of stakeholder trust.
- Mitigation Strategies: Enhance board diversity and independence, strengthen board committees, establish a comprehensive risk management system, and provide ongoing training and development to board members.
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Troyeeka Chaudhuri
more than 3 weeks ago
An example of governance risk is a company failing to establish clear lines of authority and decision-making processes. This can lead to confusion, inefficiency, and even fraud.
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