Key Considerations for Implementing the VOR

This article provides an in-depth look at the Verklaring Omtrent Risicobeheersing (VOR), a proposed addition to the Dutch Corporate Governance Code aimed at enhancing corporate risk management and transparency. The VOR mandates management and supervisory boards to establish and report on a robust risk management framework that aligns with organizational objectives. Key areas covered include the roles of the 'Three Lines' model in ensuring effective oversight, the application of assurance levels in financial, non-financial, and compliance reporting, and considerations for integrating widely adopted frameworks such as COSO. The VOR serves as both a tool for structured risk management and a guide for meeting regulatory expectations, promoting stakeholder confidence through greater accountability and disclosure. For more information please download the publication.