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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

The role of boards in managing risk

The raft of risks facing a business are more complex, interrelated, and fast-moving than ever before. Good risk management, therefore, is key to helping organisations thrive – not just survive. We examine how boards can help their organisations manage risk more effectively and foster resilience in such uncertain times.

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.

Assurance mapping

Assurance maps can be a powerful tool providing great insights for boards, senior management and audit committees. Here the Audit and Assurance Faculty explores the concept of assurance maps and the benefits to various stakeholders.

Making a difference: Audit committees in central and eastern Europe

Based on in-depth interviews with audit committee members in seven CEE countries, this report draws out insights on how audit committees are working, how they are having an impact and how they view the future. It provides insights into some of the common challenges still remaining at a time when the role of audit committees is expanding, largely driven by the introduction of new statutory requirements

Enhancing the dialogue between bank auditors and audit committees: Good practice for bank auditors, audit committees and executive management

The ICAEW published the report Audit of banks: lessons from the crisis in June 2010 and committed to produce good practice guidance to enhance the dialogue between bank auditors and their audit committees. This report sets out that guidance. It considers ‘dialogue’ in its broadest sense, covering the fundamentals of a good auditor/audit committee relationship, the structuring of meetings throughout the audit cycle, and the content and style of reporting to the audit committee.

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.

Webinars and other recordings

Leading an effective audit committee

Angela Crawford-Ingle, Chair of Audit & Risk Committees at Beazley plc, Swinton Insurance and River and Mercantile Group, and Tim Copnell, Founding Chairman of KPMG’s UK Audit Committee Institute share best practice in leading an effective Audit Committee.

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 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 Accounting and Tax Service.

Board risk committees

Practical guidance to assist board risk committees with their responsibilities.

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.

Board committees

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

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.

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.

AI ethics committee - a new necessity?

Article explains why having expert oversight over your organisation's use of AI can safeguard your data and your brand. An AI ethics committee can identify and mitigate the ethical risks of AI products that are developed in-house or procured from third-party vendors.

7 pressing cybersecurity questions

This article offers 7 questions to ask to make sure your board understands how cybersecurity is being managed by your organisation. Asking these questions will also raise awareness of the importance of cybersecurity, and the need to prioritize action.

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

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.'

Guidance: Raising the bar

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

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

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