How has risk management changed since the crisis
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.
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
Temperature check on corporate governance as new Code comes into effect
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.
9 Traits of an effective Audit Committee
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.
Cyber safe not cyber sorry
With the cyber-security breach at Tesco Bank reportedly costing £2.5m so far, Nick Wilding asks if boards are ready to take notice.
Guidance
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.
Getting it right
A report by Independent Audit Limited on risk governance in non-financial services companies
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.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please note that ICSA and Credo 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 managment
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.
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.
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.
Security, resilience require better questions
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.
How to build a cyber-capable board
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.
Good times and bad: The trauma of the financial crisis needs to be remembered even as new threats become a growing concern.
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
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
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.
Why have risk committees not been more widely adopted?
Blog post from Jon Dee of BDO that looks at why most companies do not have separate board risk committees.
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.