CORPORATE boards need to focus on strategic risk more than ever before, particularly in the aftermath of the global financial crisis.

The most recent of the Institute of Directors lunchtime seminar series focused on risk management – an issue which ‘may not be the most exciting of topics, but one that boards are continually grappling with’, said Gail Chadwick, a director at Grant Thornton in Jersey.

She said that strategic risk was definitely an issue for the uppermost reaches of the business and certainly for the boardroom.

‘It is not about the board managing risk, but determining how the company has in place robust processes for identifying, prioritising, managing and monitoring critical risk,’ she said.