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Risk committees useful links

Practical guidance and other information from external websites

FRC guidance

Boards and risk

September 2011

The FRC held a series of meetings with companies, investors and advisers in 2011 which were summarised in this report. One of the conclusions reached was that whilst the guidance was 'still broadly fit for purpose, some change was needed to reflect the role of the board as articulated in the new version of the [UK Corporate Governance] Code.'

Guidance on risk management, internal control and related financial and business reporting

September 2014

This guidance, from September 2014 integrates and replaces the FRC's Internal Control: Guidance to Directors and Going Concern and Liquidity Risk: Guidance for Directors of UK Companies. It links the guidance on internal control (Formerly known as the 'Turnbull guidance') with emerging good practice for risk management following the FRC's Board and Risk report and final recommendations of the Sharman Panel of Inquiry into Going Concern and Liquidity Risk.

Other useful links

Cyber security: balancing risk and reward with confidence

Department for Business, Innovation & Skills December 2014

Government guidance for non-executive directors on understanding the cyber security risks their company faces, including example questions they should ask board colleagues.

Guidance: Raising the bar

The Risk Coalition December 2019

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

Raising the bar

The Risk Coalition December 2019

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

Risk committee - terms of reference

ICSA The Governance Institute June 2020

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.'

Risk culture in financial organisations

Chartered Institute of Management Accountants September 2013

This CIMA report outlines how interest in the cultures of organisations and their effects on management practices has increased dramatically since 2008. Covers risk culture challenges for Chief Risk Officers, CEOs and Boards

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