As mentioned, to obtain an independent review of their insurance and risk management department, the Vice President, Enterprise Risk Management, at the bequest of the executive officers and Board of Directors, retained you, a Risk Management Consultant, to provide risk management services The Board and executive officers approve of the performance of the Vice President, Enterprise Risk Management , but are seeking this independent review to validate the current program as well as identify gaps. On this basis, provide the following:

1. A thorough explanation outlining the importance of risk management reporting and monitoring of risk for the Board and executive officers. Keep in mind you have prepared for as well as participated in the facilitation process and highlighted risks. You may want to refer to this process and risk management framework.
2. The recommended structure for the future risk management department and its place in the organizational structure. Provide a hierarchy example to demonstrate your recommendation along with a description of each position and their role in the ERM program, including examples. Include at a minimum, a box for the Executive Officers, Audit Committee and Board of Directors.