Directors 'improving risk management'

Directors have increased their focus on risk management this year, following criticisms of their roles in the midst of the recession.

That is according to the What Directors Think survey, compiled by PricewaterhouseCoopers (PwC) and Corporate Board Member magazine, which discovered that 69 per cent believe their risk responsibilities have increased in the past 12 months - compared to just 38 per cent in 2008.

The poll, which measured the opinions of more than 1,000 directors, also found that 88 per cent of respondents now believe their boardrooms to be capable of managing risk.

Catherine Bromilow, partner at PwC's Corporate Governance Group, explained that this renewed concentration is required in the current corporate governance landscape.

She said: "Directors' focus on risk management is particularly timely, given our expectation that companies will have to provide new disclosures about their boards' risk oversight in upcoming proxy statements."

The issues surrounding corporate governance have becoming part of public debate since 2007, when the outbreak of the financial crisis illustrated the failings of many organisations' executive structures.