To develop deeper knowledge of the risk oversight process as it is applied by today's boards of directors, and to understand both the current state and desired future state of board risk oversight as viewed by directors, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) commissioned Protiviti to conduct a survey regarding the risk oversight responsibilities of the board of directors and how those responsibilities are being performed. As detailed in this report, the results shed new light on how boards are fulfilling their risk oversight obligations, the maturity of their processes for meeting these responsibilities, and key areas offering opportunities for improvement as the risk oversight playbook evolves.Read the Board Risk Oversight Report

The U.S. Securities and Exchange Commission is trying to collect about $4 million in bonuses and stock profits from the head of a former Phoenix-based auto-parts retailer because of financial misconduct - although he apparently had nothing to do with the wrongdoing. It's a case that has created a buzz among lawyers and sent chills through corporate boardrooms. The man being targeted, Maynard L. Jenkins, wasn't accused of fraud by the SEC and U.S. Justice Department, as were four other former employees of CSK Auto Corp....The misconduct at CSK involved accounting irregularities that occurred while Jenkins was in charge. The company twice had to restate its financial earnings, in 2005 and 2007, for multiple years.Jenkins was sued last year under the "claw back" provision of the Sarbanes-Oxley Act, which was enacted in 2002 in the wake of the Enron and other scandals. Sarbanes-Oxley was the first major overhaul of the federal securities laws since 1940. It allows the SEC to take back bonuses and stock profits that CEOs and chief financial officers earned during a time in which misconduct occurred. Read the article