What keeps you up at night? Strategy and risk management on Russian boards

On 24 April the International Business Leaders Forum (IBLF), the Independent Directors Association and PwC hosted the fourth forum for directors on Russian boards “What keeps you up at night? Strategy and risk management on Russian boards”.

For boards of directors, the current economic environment has brought its own share of challenges. With the ups and downs of the financial markets, corporate scandals, and the public push for greater regulation, directors are facing new challenges in defining their companies’ strategies and identifying risks. In this environment, strategy and risk need to be prioritised and managed more systematically. In theory, a well-functioning board of directors should be well equipped to do this: non-executive directors have extensive experience in a wide range of market scenarios. They are also exposed to the broader context of economic and regulatory change, and are less focused than management on day-to-day operations and the company’s short-term financial results. As a result, they can look at strategy and risks in a more balanced and in-depth way.

Tim Barrow, Her Majesty’s UK Ambassador to the Russian Federation said:

“Improving corporate governance in all parts of the world remains a vital issue as it makes commercial and economic sense. We were delighted to work with IBLF, IDA and PwC this week to discuss these issues.”

At the fourth forum directors acting on boards of Russian companies shared their experience of how they oversee risk in order to achieve an effective and robust strategy that enables your company to negotiate the difficult and unpredictable times ahead.