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Risk committees useful links

Practical guidance and other information from external websites

FRC guidance

Audit, risk and internal control

Financial Reporting Council July 2018

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.

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

Financial Reporting Council 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.

Boards and risk

Financial Reporting Council 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.'

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.

Governance challenges 2017: Board oversight of ESG

National Association of Corporate Directors March 2017

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.

Risk committee

KPMG

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 2013

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

Tomorrows corporate governance: the boardroom and risk

The Centre for Tomorrow’s Company June 2013

This report and tool-kit describes potentially catastrophic risks, what the roads to ruin and roads to resilience look like and what boards can do to evolve their risk management agenda and more effectively govern risk.

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