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Risk committees

Guidance for corporate governance professionals working on risk committees. In smaller companies it is likely that there will not be a separate risk committee and risk will be the responsibility of the audit (or audit and risk) committee.

In this section

Taking risk on board

Businesses and organisations today find themselves operating in a highly volatile and ambiguous world.


Reporting business risks

This report is intended as a timely contribution to debate about how risk reporting should evolve. It reviews both the general experience of risk reporting to date and the risk reporting of financial institutions before the crisis, considers why risk reporting is thought to have been disappointing (Chapter 3), and suggests ways to improve it.

Special Report 20: Internal control from a risk-based perspective

This special report, which looks at internal control from a risk-based perspective, could not have come at a more fitting time. Recent events at France’s Société Générale highlight how even the largest and most highly regulated businesses can be severely compromised by the apparent failure of internal controls.

Special report 10: Risk management

The management of risk has come a long way in the last 10 years. When we first wrote a guideline for the Faculty, the term ‘risk management’ was still evolving.

Risk Management for SMEs

A briefing document from The Faculty of Finance and Management of The Institute of Chartered Accountants in England & Wales

Webinars and other recordings

Building your cybersecurity defences

Stuart Jubb, MD of Consulting at Crossword Cybersecurity, and Nikki Cole, an experienced Non-Executive Director, discuss the processes that Boards should have in place to manage their cybersecurity risks.

Fighting fraud: the internal audit

Martyn Scrivens, Chair of the ICAEW's Internal Audit Advisory Panel and Martin Robinson, consultant for the Fraud Advisory Panel and advisor to the Chartered Institute of Internal Audit, look at the role of internal audit and its use in preventing, detecting and responding to fraud.

Whistleblowing and fraud

Ian Foxley, whistleblower and Dino Bossi, Addveritas share their views on the benefits of whistleblowing and the system that should be in place to support people.

Managing social media to avoid reputational damage

Jennifer Janson, Six Degrees and Jamie Harley, PwC discuss the potential impact of social media on reputation, how best to manage this risk and use social media to the benefit of the organisation.

Cyber security: an update on what boards need to know

Simon Shooter, Head of Cybersecurity and Co-Head of International Commercial Group, Bird & Bird LLP, Kirstin Gillon and Mark Taylor from ICAEW’s IT Faculty provide an overview of the Audit Insights: Cyber Security report.


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The role of the board in risk management oversight

This title provides comprehensive, expert-led coverage of all aspects of corporate governance for public, nonprofit, and private boards. This chapter looks role of the board in risk management oversight, usually by the audit committee or by establishing a separate risk committee.

The board structure and its committees

Chapter 3 deals with the structure of the board, its governance role and responsibilities. It also gives brief overviews of the different types of board committees, including: audit; nomination; remuneration; and risk committees. These are dealt with in more detail in later chapters.

Risk managment

An introduction to governance for directors and executives. Chapter 12 deals with risk management with sections on: risk management and corporate governance; risk assessment; controls; risk management; Basel II; ERM framework; COSO ERM framework.

Internal control and risk management

An essential source of reference and route map for the position of Non-executive director. Contains case studies and checklists throughout. Chapter 9 of the handbook covers Internal control and risk management and includes a Model terms of reference for an audit committee: internal control, risk management and internal audit

Governance of information technology

This title provides comprehensive, expert-led coverage of all aspects of corporate governance for public, nonprofit, and private boards. This section comprises two chapters: Information technology and cyber security in a digital world and; The board's role in the governance of enterprise information and technology.

Effective internal control and risk management

Chapter 10 discusses risk management and business objectives, risk management and organisational culture, the boards responsibility for internal control and risk management, the audit/risk committee and the internal audit function.

Board risk committees

Practical guidance to assist board risk committees with their responsibilities.

Board committees

Practical guidance on the effectiveness of audit, risk, remuneration and nomination board committees.

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The Library & Information Service provides a collection of articles as a benefit of membership. Please log in to view these articles. If you are unable to access the articles, please see our Help and support page or contact library@icaew.com.

Oversight of reputation in riskier times

The article discusses the practice of overseeing the management of reputation risk in riskier times.

Blockchain and accounting governance

This paper explores blockchain's impact in the areas of assurance and financials reporting and provides guidance for organisations and auditors utilizing blockchain.

Sharpen your board's risk oversight process

Article revisits the board 's risk governance model and director skill sets; make culture an enterprise asset as well as an oversight priority; and focus on the quality of the risk management process.

Terms of use: You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Useful links

Raising the bar

Principles-based guidance for board risk committees and risk functions in the UK financial services sector.

Risk committee

KPMG Board Leadership Centre guidance and resources to help risk committee members navigate the risk landscape

Audit, risk and internal control

The FRC published the revised Guidance for board effectiveness in July 2018. Section 4 Audit, risk and internal control look as the audit committee's (or risk committee's if separate) responsibility in this area.

Governance challenges 2017: Board oversight of ESG

National Association of Corporate Directors (NACD) report which aims to assist directors in meeting additional responsibilities associated with considering Environmental, Social and Governance (ESG) factors when setting company strategy and risk. Requires free registration to download.

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