An additional 19 percent said they were not sure whether their company had a formal process for identifying risks. These percentages indicate that some companies have directors who don't understand their responsibilities as the representatives of shareholders.
The shareholders of those companies should be asking the directors how they govern an organization without a good understanding of the risks the company is facing and without knowledge of a systematic approach to identifying, assessing, monitoring, and mitigating excessive risk-taking. I trust that none of the directors who participated in the survey were on the board of a financial services company.