from Corporate Board Member
During Corporate Board Member’s 2012 risk oversight conference, Risk Oversight in the Boardroom, we tweeted tidbits about the panels, and engaged in conversation with our Twitter followers. If you aren’t a Twitter user, here’s what you need to know to understand these tweets:
•Tweets may only be 140 characters or less, so don’t expect to see full sentences.
•Phrases beginning with “#” are topic hashtags, utilized to allow Twitter users to focus on specific topics.
•Phrases beginning with an “@” are Twitter users’ names.
Good morning! Tweeting from our #riskevent today being held at the @NYSE_Euronext http://bit.ly/GSk3YL #corpgov
Attendees listen to @GrantThorntonUS's Trent Gazzaway "Lessons learned: avoid knee-jerk reactions." #riskevent http://twitpic.com/9542df
"Being on an audit committee is a part-time job with full-time responsibility." -Trent Gazzaway #riskevent #corpgov
Our second panel, Technology Risks: Do You Know the Full Picture?, is under way. Speakers include Bob Zukis @PwC_LLP #riskevent
Who has IT risk in their business? Everyone. #riskevent
Questions boards should ask: Are we covered on cyber terrorism? What kind of talent does our co have within IT space? #riskevent
Think you have your IT managed? If answer is yes, you need to change something because it is daily vigilance. #riskevent #corpgov
Social technology much bigger than Twitter/Facebook. #riskevent
We have seen social media take down governments. Think about how it can impact your company re: employees. #riskevent
Tweeting from our #riskevent in New York. Federal Prosecuting Attorney Preet Bharaha presenting the keynote. http://bit.ly/GSk3YL #corpgov
Cyberterrorism affects every co w/ intellectual property. Top 3 targets: financial inst., defense contractors & chemical cos. #riskevent
Our third panel is under way: The Audit Committee’s Role in Internal and External Investigations #riskevent http://bit.ly/GSk3YL
Questions to ask to determine inside vs outside counsel. Do you have the resources internally? How serious is the issue? #riskevent #corpgov
Pros and cons to both. Internally you know the people and cost savings is great. #riskevent
It's a huge expense to bring outside help in...need to manage expense appropriately. #riskevent
Advice for committees who have gone internal investigation route...can you shift to outside if needed? #riskevent #corpgov
If you use special ediscovery software, be very careful. The tools are sophisticated and can be profusely abused. #riskevent
Investigations are a matter of when, not if. Better off having process in place before something happens. #riskevent #corpgov
Our final panel is under way: 3 Keys to Managing Non-Financial Risks http://bit.ly/GSk3YL #riskevent
Future of risk management-balancing creating value & protecting value. Some are too focused on process of risk. Think of opps. #riskevent
What is your greatest risk? Board members attending #riskevent say reputational risk.
@Lowes focuses on social media as an opportunity. Gives employees iPhones so they can do price checks. #riskevent
Need to spend time on educational aspect of social media. Many new employees have different ideas of what confidentiality means. #riskevent
Jim Unruh, Audit Chair, Prudential Financial Be open w/ regulators, educate them abt your biz. "If you want a friend get a dog." #riskevent
Our #compevent kicks off tomorrow with a panel on how to build comp plans that keep your top talent in-house. http://bit.ly/GRr7Tm
Topic tags: board of directors, corporate governance, risk oversight, shareholder value, social media