Given the complex and dynamic nature of the ever-changing global business environment, not-for-profit regulators and stakeholders are calling for more robust systems of risk management and oversight, including more engagement from senior leaders. Formal risk functions are no longer only found in large, public companies, and risk oversight has become a widely accepted best practice in not-for-profit organizational governance.
While the full board would typically be responsible for overseeing enterprise risk management, monitoring responsibilities for specific risks may be delegated