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Helping boards raise expectations of the risk management function

Empower your board with practical, jargon-free guidelines to effectively challenge and elevate your organization's ERM function.

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Helping boards raise expectations of the risk management function

Description

Enterprise risk management (ERM) has evolved dramatically over the past two decades, from a reactive, box-ticking process to a proactive, decision support framework that helps organizations navigate uncertainty and seize opportunities. While boards have a legal duty to ensure risks are managed, they often struggle to ask the right questions or evaluate the effectiveness of risk management.
To bridge this gap, IIA Norway’s Risk Management Network developed practical guidelines designed to empower boards to challenge and improve risk management. These guidelines are concise, jargon-free, and supported by clear explanations, making them an accessible and powerful governance tool. The guidelines are based on international principles, including the fiduciary duties of
care and loyalty, as well as the duty to monitor. These are recognised principles in Western jurisdictions and incorporated into civil law.

In this webinar, three of the experts behind the guidelines will present key elements of the document and share practical suggestions on how boards, as well as second and third line functions, can use these questions to elevate risk management practices.

About the speakers

Petter Kapstad is a highly respected authority in enterprise risk management with a distinguished career that spans over three decades. Until his retirement in 2025, Petter led the Corporate Risk function at Equinor, Norway’s international energy company, for 15 years. He was instrumental in transforming Equinor’s approach to risk management from a purely financial focus to a comprehensive, enterprise-wide ERM framework, a journey he began in 1994. In this pioneering work, Petter collaborated for a decade with leading professionals at Goldman Sachs, ensuring world class standards in risk practices.

Before joining Equinor, Petter worked for 18 years in trading and financial risk management within the Norwegian banking sector. His leadership extended beyond corporate roles; he served as chairperson of the Control and Risk Committee at the Norwegian Export Finance company, influencing governance and risk oversight at a national level.

Petter has been a driving force in advancing the risk management profession. He co-authored the original Guidelines for the Risk Management Function published by IIA Norway in 2016 and partnered with Swedish professor Håkan Jankensgård to write the book Empowered Enterprise Risk Management: Theory and Practice, published by Wiley in London in 2021. A sought-after speaker and lecturer, Petter has shared his expertise at leading academic institutions, international conferences, and global corporations. He is a passionate advocate for risk management as a strategic enabler of organizational value and resilience.

Esben Jensrud is a recognized leader in risk management and capital markets. With 18 years of experience in commodities and risk, he founded and served as CEO of Super-Risk AS, a pioneering global risk quantification platform. As CFO and founding member of NOREXECO ASA, Esben played a key role in establishing a global commodity exchange for the pulp and paper industry. He also held the position of Executive Vice President for Risk Management at NOS Clearing ASA, now part of NASDAQ, where he contributed to building a leading commodity clearing house serving global shipping and seafood markets.

Complementing his achievements in risk management, Esben brings 15 years of expertise in capital markets. He led the Capital Markets division at Nordlandsbanken (now part of DNB) and served as Chief Dealer for interbank trading at Handelsbanken in Oslo, demonstrating deep knowledge of financial instruments and market dynamics. His academic foundation includes a BS in business administration with a focus on international economics and finance from Duquesne University, USA, as well as Spanish studies at Universidad de Buenos Aires, Argentina.

Esben is an active contributor to IIA Norway’s Network for Risk Management, where he shares insights and promotes best practices. His career reflects a commitment to advancing risk management as a strategic discipline that creates value and resilience in organizations worldwide. He is a trusted speaker and advisor on risk strategy, governance, and the future of risk management, inspiring organizations to turn risk into opportunity.

Martin Stevens FCA, CIA, is a senior leader in internal audit and governance with a career dedicated to strengthening risk management practices across the financial and insurance sectors. As Audit Director at Gjensidige, Norway’s largest general insurance company, Martin brings more than 20 years of experience in internal audit, complemented by eight years in senior finance roles and four years managing operational risk in settlements. His deep understanding of both first and second line functions gives him a unique perspective on how organizations can integrate risk and assurance to create real value.

Martin has been a driving force in the professional risk management community. During his four-year tenure as Chairman of IIA Norway, he established the Risk Management Network, fostering collaboration and knowledge sharing among practitioners. He has co-authored several influential publications, including Guidelines for Risk Management, Guidelines for Governance, and Board Guidelines for Risk Management, all published by IIA Norway. These works have become key references for boards and executives seeking to strengthen governance and risk oversight.

A passionate advocate for elevating the role of risk and audit beyond compliance, Martin regularly delivers training courses and speaks at conferences on risk management and governance. His philosophy is clear: Both risk management and internal audit should move beyond “going through the motions” and focus on the tangible value they bring to organizational resilience and strategic decision making.

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