PHOENIX and MENLO PARK, Calif., Nov. 18, 2016 /PRNewswire/ -- The Board Institute, Inc. (TBI), in partnership with Protiviti, a global consulting firm, has released TBI Protiviti Board Risk Oversight Meter™ to enable boards of directors to assess and improve the effectiveness of their risk oversight processes. In developing this unique evaluation and educational tool, the two organizations collaborated with an advisory consortium of governance experts and active board members. The result is an easy-to-use, web-based tool that will help boards of directors to assist the organizations they serve manage risk in today's complex business environment.
"We are proud to add the TBI Protiviti Board Risk Oversight Meter to The Board Institute's suite of world-class, validated tools," said Susan F. Shultz, founder and president of The Board Institute. "Our suite of tools is the first and only accredited web-based solution for board evaluation, education and benchmarking. Not only do our tools save time and accommodate directors' schedules, they enable self-directed evaluations as well as consulting facilitation and are easily customized. As a result, directors take ownership of the results using a robust, up-to-date, actionable report." Only 32 percent of public company directors have a high level of knowledge and understanding of their board's emerging risks. 1 In an environment of constant, disruptive change, it is imperative that directors assist their companies with the prudent risk-taking that is essential to successful strategic execution. Jim DeLoach, a Protiviti managing director, points out, "Boards have an opportunity to refresh their oversight process continuously to ensure it's focused sharply on the opportunities and risks that truly matter. Protiviti's commitment to facilitating continuous process improvement - to enable companies to confidently face the future - is why we chose to collaborate with The Board Institute. We're excited to offer the director community a flexible, cost-effective tool that assists boards in their periodic self-evaluation process and mirrors the way many directors prefer to conduct self-evaluations." TBI Protiviti Board Risk Oversight Meter leverages years of research to provide a tool that enables a board to highlight its strengths and limitations through a participative process and insightful reporting of the range of responses, the mean response, best practices, anonymous commentary, and legal and regulatory requirements germane to board risk oversight. According to noted organizational resilience expert, Dan Sharp, principal of The Board Institute, "With disorder and disruption becoming the norm rather than the exception, it's critical that boards have the skills to help their companies prepare for and manage impending risk. Our tool highlights the importance of organizational resiliency and the board's role in driving it." The TBI Protiviti Board Risk Oversight Meter will provide substantive support for the board's efforts to comply with the U.S. Securities and Exchange Commission rules requiring all public companies to disclose the extent of their boards' role in the risk oversight of the company. In addition, as regulatory attention on the appropriate involvement of the board with the company's management of risk increases, particularly in financial services, the focus on the quality of the underlying risk oversight process intensifies.