This excerpt taken from the GIS DEF 14A filed Aug 10, 2009.
The Boards Role in Risk Management
Risk is an integral part of board and committee deliberations throughout the year. The audit committee and the board annually review an assessment of the primary operational and regulatory risks facing the company, their relative magnitude and managements plan for mitigating these risks. In addition, the board discusses risks related to the companys business strategy at the annual strategic planning meeting every October and at other meetings as appropriate.