ABSTRACT
This chapter explores the important aspects of openness and transparency in information, without which reliable assurance required by the board against excessive risk taking will be greatly impaired. It discusses the openness through constructive challenge helps to clarify understanding and adds value to imperfect information that is inherent in risk information systems. Openness in reporting, that is accompanied by mature discussion, helps to build trust and confidence. This also reduces the risk of the board having blind trust or being blindsided by risks and issues across the organisation. The chapter considers the importance of open discussion that is supported by diligent and transparent information for supporting effective risk oversight by the board. It acknowledges the challenges faced by board members when using information and engaging in open discussions. The chapter highlights two particular areas that could trip up even the most experienced board members, namely technical information and risks of group think.
