The asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board's monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as compensation, audit, strategy and several others, risk management committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm. Risk...