In addition to management, boards are increasingly being held accountable for managing risk. Today’s businesses are wrought with complexities and litigiousness like never before-issues that hold the potential to destroy organizations overnight. Technology has increased the pace of business transactions globally, which has increased the volume and speed of product cycles. The pervasiveness of risk in the workings of everyday business means that boards must factor risk as an integral part of organizational strategy. The financial downfall, along with the subsequent fallout, was an abrupt wake-up call for boards of directors to delve deeper into their organization’s risk management practices. Harsh economic times hit boards of directors squarely, as they came face to face with complex legal issues and failing businesses. The 2008 financial crisis, also known as the global financial crisis, was considered to be the worst financial crisis since the Great Depression. In decades past, boards could rely solely on management to oversee and manage risk.