The rise of risk management committee in the world of corporate governance

In an increasingly complex and dynamic business environment, the role of risk management has transcended beyond traditional financial institutions (Malik, Shafie & Ku Ismail, 2021 ). Non-financial companies in Malaysia are now recognizing the importance of structured risk oversight, especially through the establishment of dedicated Risk Management Committees (RMCs). While regulatory frameworks such as the Malaysian Code on Corporate Governance (MCCG) 2021 have laid a strong foundation, the practical need for RM Cs is driven by evolving business risks, stakeholder expectations, and long-term sustainability goals. A Risk Management Committee plays a crucial role in guiding an organization's approach to identifying, assessing, and managing potential risks that could affect its objectives. In nonfinancial companies, the RMC ensures that risks whether operational, strategic, compliancerelated, or reputational are systematically monitored and addressed. By providing oversight and advising management on risk strategies, this committee strengthens governance, improves decision-making, and enhances the company's long-term resilience.