A decade on from the financial crisis in 2008, there are still no coherent guidelines for risk in financial services. Peter Neville Lewis looks at the challenges and provides answers.
Articles and features
The UK is witnessing a battle to restore trust in business. Governance is more in the spotlight than at any time since the ‘Maxwell years’ which immediately preceded the 1992 Cadbury report.
Having an effective Audit Committee is essential for good corporate governance as it leads on financial reporting, internal controls, risk management and external audit functions.
With the cyber-security breach at Tesco Bank reportedly costing £2.5m so far, Nick Wilding asks if boards are ready to take notice.
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.
A report by Independent Audit Limited on risk governance in non-financial services companies
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.
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.
A briefing document from The Faculty of Finance and Management of The Institute of Chartered Accountants in England & Wales
Webinars and other recordings
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.
In this webinar we will cover three challenges for committees, and practical suggestions for how to work more effectively and efficiently.
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.
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.
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.
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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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.
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.
An introduction to governance for directors and executives. Chapter 14 deals with risk management with sections on: risk management and corporate governance; risk assessment; controls; risk management; Basel II; ERM framework; COSO ERM framework.
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
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.
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 email@example.com.
The article offers suggestions for increasing corporate cybersecurity efforts for the board. Topics discussed include ineffectiveness of artificial intelligence in preventing cybercrime and data security failures; making sustainable data privacy compliance; and verifying identities and providing access to resources through authentication.
The article offers several tips for businesses to create a board of directors that can help manage cybersecurity risks. These tips include consulting both the board and chief information security officers on cybersecurity issues, demanding clarity in security reporting, and focusing on the human aspects of cyber risk.
The article focuses on the risk management by the financial services industry in the United States. The industry faces various challenges that include non-financial risks like cybersecurity, model, third-party and also economic risks. Many companies now have a risk committee of the board with primary responsibility for risk oversight
KPMG Board Leadership Centre guidance and resources to help risk committee members navigate the risk landscape
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.
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.
Blog post from Jon Dee of BDO that looks at why most companies do not have separate board risk committees.
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