In an April lecture to an audience of senior business professionals and academics, Bill Connell, former director of a FTSE 100 company, chair of the Professional Accountants in Business Committee of t

Giving the CIMA distinguished practitioner lecture, Connell explained why enterprise risk management is crucial, not just to protect assets but also to provide beneficial opportunities to inform strategic decision making and improve the delivery of objectives. "Corporate governance has made risk management very topical," he said, "but you cannot go through the risk management process for that reason alone. You have to do it because it helps the business. Enterprise risk management should have a far more prominent position on many board agendas than it currently does.

"Traditionally, far too much emphasis has been placed on the profit and loss account and fixed assets on the balance sheet. They were important, but these areas are not what kill business now."