In large organizations, the role of risk management may fall within the scope of this committee led by senior executives or board members. The committee‘s role may include the following:
1. Consideration of risk management policy in respect of issues and activities that are organization wide or above a nominated threshold or risk severity.
2. Reviewing and agreeing the process of managing risk in the organization.
3. Communicating emerging strategic and operational risk to the board and lower level risks to the line managers in relevant function.
4. Reviewing and updating the risk register and maintaining an overview of total risk to the organization at any given time.
5. Championing risk management and ensuring the sharing of best practice across the organization.