International Corporate Governance Network (ICGN) Guidelines:

1. Board Responsibility:
   The board is responsible for setting the company’s risk strategy and business model. It must determine the risk tolerance and ensure proper risk management processes are in place.
2. Management Responsibility:
   Management is tasked with implementing the company’s operational risk management system, adhering to the strategy set by the board.
3. Shareholder Role:
   Shareholders must assess the board’s effectiveness in overseeing risk but are not directly responsible for managing corporate risk.
4. Risk Oversight:
   The ICGN provides guidelines on the board’s oversight process, emphasizing investor responsibility and risk-related disclosures.

Financial Reporting Council of Nigeria (FRCN) Code:

1. Risk Assessment:
   The board should conduct an annual, comprehensive risk assessment covering all aspects of the company’s business.
2. Disclosure Requirements:
   The company’s risk management policies and practices must be disclosed in its annual report.
3. Committees Involvement:
   The Risk Management Committee, along with the Audit Committee, should evaluate risk management processes and report their findings to the full board.
4. Board and Management Roles:
   The board is responsible for determining the company’s risk policies, identifying acceptable risk levels, and ensuring the effectiveness of internal controls.

Comparison:

1. Shared Responsibility:
   Both ICGN and FRCN emphasize the board’s central role in overseeing risk management. However, the FRCN Code provides more detailed procedures, such as the involvement of specific committees in risk oversight.
2. Risk Disclosure:
   Both guidelines stress the importance of transparency in risk management, but the FRCN Code places a stronger emphasis on disclosure requirements in annual reports.
3. Risk Strategy:
   The ICGN focuses on the company’s overall risk strategy and investor accountability, whereas the FRCN Code provides specific instructions on risk identification, control, and mitigation.