“Serving on boards has never been more challenging. Directors are expected to know more, do more, and take more responsibility for more areas of oversight than ever,” stated the 2006-2007 Heidrick & Struggles 10th Annual Corporate Board Effectiveness Study. Those words are even truer today than they were five years ago. But do the increased challenges, complexity, scrutiny and responsibility mean that governance is a risky business? Risk, by definition, implies the chance of possible loss or other negative consequence. Boards and trustees who pay attention to the fundamentals of fiduciary duties and shoulder the responsibilities entrusted to them can minimize risk and focus instead on the valuable service they provide to their organization and community.