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.
Risk committees useful links
Practical guidance and other information from external websites
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.
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
Guidance from the IoD looking at risk issues and solutions for board members and risk committees.
Government guidance for non-executive directors on understanding the cyber security risks their company faces, including example questions they should ask board colleagues.
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.
A March 2015 AXELOS discussion paper on the challenges that directors may face in understanding cyber risk and how these problems can be addressed. Requires free registration to view.
Principles-based guidance for board risk committees and risk functions in the UK financial services sector.
KPMG Board Leadership Centre guidance and resources to help risk committee members navigate the risk landscape
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.'
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
A RIMS and IIA joint report highlighting the advantages of internal audit and risk management collaboration
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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