Archegos and Credit Suisse risk management lessons
Laura Miller considers the risk management lessons from the leveraged loans to collapsed private family office Archegos.
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
Articles and features
Investigation Committee: avoiding the risk of referral
No one wants to receive a complaint about their professional conduct, let alone have their case end up in front of ICAEW’s Investigation Committee (IC). We talk to Paul Brooks, the Committee’s Chair, about how members and firms can engage more effectively with the process, as well as how best to avoid a referral in the first place.
Thinking in numbers: at the heart of national infrastructure
16 February 2021: Kathryn Cearns OBE, amongst her many other appointments, is a Non-executive
Why and how to revise your risk management
In the wake of COVID-19, committee chairs should ensure risk committees have the skills and experience to deal with the unexpected.
Guidance
Audit committees in Europe
This report expands our examination to audit committees in a further six EU countries, spread across the centre and south, with various corporate governance traditions and different sized capital markets – namely Belgium, Cyprus, Greece, Malta, The Netherlands and Portugal.
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.
Audit and risk committee effectiveness in financial services
In this webinar we will cover three challenges for committees, and practical suggestions for how to work more effectively and efficiently.
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.
Disclaimer: The opinions expressed by external guest speakers in interviews or other publications included on this website are, by their nature, those of the speaker. They are not necessarily fully endorsed by the ICAEW or purport to reflect the official policies and views of the ICAEW or its members.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
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.
The risk conversation at board level
A chapter exploring how the oversight of risk should be dealt with at the level of the board of directors.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please note that ICSA publications are only available to ICAEW members and ACA students. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com
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 management
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.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, 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.
Industry press
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.
How internal audit helps increase cybersecurity transparency for the board
Article discusses how internal audit can help the board see an accurate picture of cyber risk
Cybersecurity from within
Article discusses internal IT security threats and how these shouldn't be left to the IT department and should b addressed by an organisation's internal controls.
Building strong risk committee relationships
The article discusses the need for companies to establish strong risk committee relationships to successfully resolve the challenges posed by the COVID-19 pandemic.
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
Risk committee - terms of reference
ICSA guidance note updated in June 2013 which provides 'model terms of reference for the risk committee of a company and is particularly relevant to banks and other financial institutions (BOFIs).' It 'draws on the experience of company secretaries and is based on best practice as carried out in some of the UK’s largest listed companies.'
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.
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