GUIDE TO SUPERVISION
IN THE COVID-19 WORLD
It is the job of a supervisor to ask questions of board members and senior managers, and they have an obligation to respond openly and constructively. For example, supervisors can use off-site monitoring and telephone or video discussions with members of the board and senior management to assess:
- Whether the non-executive directors are sufficiently challenging of senior management;
- How well the board understands the risks that the firm is running, including how risks;
Have shifted as a result of COVID19;
- How well the board uses information from the firm’s external auditors, and from its internal control and internal audit functions; and
- How the board assures itself that the firm’s internal controls, remuneration, and other policies and procedures operate effectively and are in line with the strategy and risk appetite set by the board.