"The Board" their role in relation to Op Risk

After listening to Alistair Darling's and Mervyn King's speeches at the Mansion House Dinner the other evening, it should be becoming clear to all CEOs/MDs/business owners that it is their responsibility to ensure that good practice is paramount in their businesses. Ultimately, in future the "buck" will stop with them. No longer can they shirk responsibility and let their managers take the blame. The Board must have an understanding of what Operations are all about and the Risks associated with them. This was very evident in the break up of the Bank Boards last year. Employees and the public at large have woken up to the fact that leaders need to earn respect and be transparent in their undertakings (we won't mention MPs expenses in this blog...........!), It stands to reason that Boards/leaders need to get this message quickly.
The new plans, mentioned in the speeches, for regulatory compliance can only help the country get back on its feet, but those introducing the changes MUST understand them..............and not be at odds with each other..................!