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Risk management

Resources to help manage risk in your organisation. Use our selection of articles, reports, webinars, tools and books to find more information on all aspects of risk management.
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Latest on risk management

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How to make AI work for risk and compliance
  • Article
  • 20 Nov 2024
Accounting intelligence case study: risk-management company Cential has developed several use cases for AI in the governance, risk and compliance space, with controls to ensure privacy and accuracy.
Adele Taylor, Director of Finance & Customer Services, Cheshire East Council
How risk management should work in local government
  • Article
  • 19 Nov 2024
Local authority finance teams must embed risk management in decision-making processes and financial planning, as well as create a risk-aware culture across the organisation.
Micrososft
Cyber: accountants can mitigate supply chain concentration risk
  • Article
  • 10 Oct 2024
Cyber Security Awareness Month: does your business risk relying too heavily on a few key suppliers? Diversifying and strengthening your supply chain could be essential for long-term resilience.
Why cyber risk management?
  • Article
  • 09 Oct 2024
Managing cyber risk is a complex ever-evolving field, with numerous interconnected elements that must be considered to ensure comprehensive protection.
Four wind turbines on a green background
Accountancy bodies work together to accelerate action on nature
  • Article
  • 08 Oct 2024
A new report outlines the efforts of ICAEW and its international partners to deliver on commitments to address the global nature crisis.
Laptop screen
Cyber: is your insurance adequate in 2024?
  • Article
  • 08 Oct 2024
Cyber Security Awareness Month: with the dynamic threat of cyber attacks and evolving regulations, businesses must ensure their cyber insurance policies are comprehensive and adaptable.
A person holding a tablet device displaying various graphs
AI risks in insurance – the spectre of the uninsurable
  • Article
  • 07 Oct 2024
Polly Tsang discusses some of the ethical issues of deploying AI in the insurance industry that emerged from a recent ICAEW round table around the ethical considerations of AI use cases in financial services.
Arup
Now cybercriminals can buy the tools to fool you
  • Article
  • 07 Oct 2024
Cyber Security Awareness Month: With phishing attacks becoming increasingly commercialised, businesses need to do everything they can to help employees spot the danger, writes cybercrime journalist Chris Price.
Read more

Topics in depth

Lorry driving down road
Business continuity and disaster recovery
Resources to help you with business continuity planning.
Hot air balloons
Managing supply chain disruption
Articles and guides to help you plan for potential supply chain disruptions.

Reports and guides

AML thematic review: The firm-wide risk assessment
  • Report
  • 2024
  • PDF (889kb)
The money laundering regulations (MLRs) require every relevant organisation to take appropriate steps to identify and assess the risks of money laundering and terrorist financing to which its business is subject. We refer to this as the firm-wide risk assessment. It is the foundation upon which a firm builds its AML policies and procedures, particularly regarding customer due diligence (CDD). We asked the money laundering reporting officer (MLRO) at a sample of 100 high and high/medium risk accountancy firms a series of questions. We also asked for a copy of their most recent firm-wide risk as...
Ethics and AI
  • Report
  • 2024
  • PDF (1,006kb)
In 2024, ICAEW’s Trust and Ethics Team hosted roundtables on shaping guidance for the accountancy profession on the ethical use of artificial intelligence. Read an overview of the discussions, offering insights into real-life use cases and the risks that must be managed.
AML supervision report 2023/24: Protecting against professional enabling
  • Report
  • 2024
  • PDF (1,597kb)
Report of AML supervisory activity for the period 2023/24.
Money laundering reporting officer guidebook
  • Helpsheets and support
  • 2024
  • PDF (562kb)
Read the section that corresponds with your role for full guidance on your responsibilities.
How boards of accounting and finance firms can benefit from shadow boards
  • Helpsheets and support
  • 2024
Shadow boards can be considered as a tool for navigating a turbulent and ever-changing business landscape. Find out how accountancy businesses can see the same benefits from setting up a shadow board that other sectors are already experiencing.
Cyber Security in Corporate Finance
  • Report
  • 2024
  • PDF (1,862kb)
The flow of sensitive information and the number of parties typically interacting in M&A, raising finance or a restructuring can increase the cyber security risk of all those involved. This guide aims to help organisations manage cyber risk and improve its governance, setting out good practice within the context of a corporate finance transaction.
Audit Monitoring Report 2022/23
  • Report
  • 2023
  • PDF (705kb)
This report reveals a mixed picture in relation to audit quality arising from the reviews that the Quality Assurance Department (QAD) conducted during 2022/23.
AML Thematic Review: the role of the Money Laundering Reporting Officer
  • Report
  • 2023
  • PDF (745kb)
This thematic review we sought to understand who the money laundering reporting officer (MLRO) is and how they fulfil their responsibilities. We asked about the challenges they face, training, suspicious activity reporting, compliance monitoring and emerging risks within their client base. This review brings together these findings, provides insight and guidance from our perspective as an anti-money laundering supervisor and includes resources MLROs may find helpful.
More reports

Webinars and recordings

How finance teams can use AI to drive growth and profitability, with Oracle
  • Webinar
  • 05 May 2024
Oracle explores how AI and Generative AI are impacting finance teams, but also the wider business. You'll come to understand the associated benefits and risks to be aware of, and how these are supported by appropriate data governance and risk management to ensure humans continue to stay in control and use AI responsibly.
Exclusive Model Risk Management: Understanding the Bank of England’s Supervisory Statement
  • Webinar
  • 19 Mar 2024
Model risk is one of the most important risks in a financial institution. It impacts front office, operations, finance, internal and external audit.
Silicon Valley Bank failure and social media risk
  • Webinar
  • 08 Sep 2023
In this webinar we will explore how banks might avoid bank runs in the age of social media.
Exclusive Unpacking the lessons learned from the failure of SVB
  • Webinar
  • 21 Jun 2023
Join your Financial Services team for this webinar where we go through some of the issues surrounding the collapse of SVB.
The added value of a cash management platform
  • Webinar
  • 08 Mar 2023
How cash management platforms can make the most of your clients' savings.
Exclusive Risk management considerations for SMEs in challenging market conditions
  • Webinar
  • 14 Oct 2022
ICAEW Small and Micro Business Community webinar providing an in-depth overview of the SME market, the current economic conditions and challenges being faced and the specific risks SMEs are facing when starting up.
Risk management for the Small Practice in 2022
  • Webinar
  • 07 Dec 2021
Join us for exclusive insights into the risks facing small practice in 2022, and the practical steps you can take to mitigate them. Our experts Marsh Commercial identify the top 5 PI claims for 2021 and how these learnings can be used to plan for 2022 ahead of your next renewal.
ESG webinar: How climate risk fits into Risk Management
  • Webinar
  • 22 Sep 2021
Get practical advice to build in effective ESG risk considerations and turn the project into business as usual. Join us, including GARP, on 6 October at 11:00 for this fantastic opportunity.
More webinars

Templates

Exclusive Template: risk assessment framework
  • Article
A risk assessment framework that allows organisations to capture their key risks. It is designed to be a working document that is part of the overall business performance management system.

Internal audit resource centre

Internal audit resource centre Access the latest thinking on internal audit from ICAEW and others across the finance and auditing sector, as well as useful links to international internal audit standards and best-practice guidance.
Improve your organisation's level of assurance
  • Article
  • 16 Sep 2019
ICAEW’s Internal Audit Panel has identified eight risk areas where boards and audit committees should be asking themselves whether they are receiving the objective assurance they need amid increased public scrutiny.
Setting priorities to establish and expand internal audit
  • Report
  • 25 Jul 2019
This guide considers seven challenges commonly faced by smaller internal audit functions and provides recommendations to help heads of internal audit establish and grow an effective function that can meet its priorities.
Why CEOs and CFOs should engage with internal audit
  • Article
  • 03 Feb 2021
David Jardine, senior vice president, Internal Audit at bp plc, explains why Chief Executive Officers and Chief Financial Officers need to engage with the Chartered Institute of Internal Auditors’ Code of Practice and why it’s not just for internal audit teams.

Modern slavery hub

Modern Slavery Act 2015
  • Article
  • 07 Jan 2021
This page is an introduction to the Modern Slavery Act 2015 providing background to its introduction, some key definitions and a list of useful links.
Spotting modern slavery
  • Article
  • 21 Jan 2021
Resources to help accountants and other finance professionals spot indicators of modern slavery in their business, their supply chains and clients' businesses and supply chains.
Reporting modern slavery and human trafficking
  • Helpsheets and support
  • 15 Jan 2021
Guidance on how to report if you suspect someone is a victim of modern slavery or human trafficking or if you believe it is going on in either your own firm or in a client’s business.
The role of accountants, auditors and business
  • Article
  • 14 Jan 2021
The role that accountants and auditors play in working to mitigate the risk that large commercial organisations face as a result of the Modern Slavery Act's requirement to annually report on the risk of modern slavery in their business and supply chains.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Emergency and crisis governance
  • eBook chapter
  • 2024
  • Richard Leblanc (Editor)
  • Wiley
Explores the practical realities of corporate governance in public, private, and not-for-profit environments. Part 6 looks at several scenarios in crisis management such as emergency board succession, management reflections on the COVID-19 pandemic, disaster management and risk assessment.
Exclusive Financial governance
  • eBook chapter
  • 2024
  • Richard Leblanc (Editor)
  • Wiley
Explores the practical realities of corporate governance in public, private, and not-for-profit environments. Part 5 looks at the audit committee's oversight of external audit, internal audit, risk management, technology and cybersecurity. Also covered are directors' responsibilities towards insolvency, fraud and financial reporting issues (mostly related to IFRS).
Exclusive ESG: Regulatory overview for dealing with sustainability risks
  • eBook chapter
  • 2023
  • Martin Neisen, Stefan Roth
  • Wiley
A chapter on sustainability risks in the financial sector, covering topics including the consideration of sustainability aspects in SREP, expectations of European banking supervision, ESG ratings - methodology and comparison and adjustment of capital requirements to cover sustainability risks.
Exclusive Risk management and financial institutions
  • eBook
  • 2023
  • John C. Hull
  • John Wiley & Sons, Inc.
Looks at the activities of financial institutions, explains their regulation, and covers market risk, credit risk, operational risk, liquidity risk and model risk.
Exclusive Non-financial risk management in the financial industry
  • eBook
  • 2022
  • Norbert Gittfried [and others]
  • Frankfurt School Verlag
Intended as a guide to establish a target operating model for non-financial risk management, primarily for the financial industry, and covers the entire risk management lifecycle. Includes a definition of non-financial risk, risk appetite frameworks, risk governance, top-down non-financial risk assessments, internal control frameworks, data and IT governance as well as conduct and ethics.
Exclusive Rattiner's secrets of financial planning : from running your practice to optimizing your client's experience
  • eBook
  • 2020
  • Jeffrey H. Rattiner
  • Wiley
Financial planning involves everything from determining the client's financial position, cash flow, and investment strategies, to income tax planning, risk management, insurance, and retirement and estate planning. Financial planners and advisors are responsible for recommendations and decisions that help people define and achieve their financial goals.
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.

More eBooks

Business press

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.
Exclusive How robust is your climate governance?
  • Article
  • 01 Nov 2024
  • Lynn S. Paine, Suraj Srinivasan
This article identifies eight hallmarks of meaningful climate oversight — and the challenges associated with each. It is based on interviews with 20 directors who hold leadership positions on the boards of S&P 500 companies.
Exclusive AI at the crossroads: Revamping board structures for effective governance.
  • Article
  • 01 Apr 2024
  • Tom Petro
The article focuses on the dilemma faced by corporate boards regarding the oversight of artificial intelligence (AI) initiatives, questioning which committee is best suited for governing AI's multifaceted risks. The author explores potential contenders for this role, including the risk management committee, a dedicated AI governance committee, and the technology committee, each offering unique expertise and perspectives tailored to the challenges posed by AI governance.
Exclusive Securing brand trust and reputation in an era of political polarisation and AI-driven disinformation
  • Article
  • 26 Jan 2024
  • Wasim Khaled
An in-depth consideration of how brands may manage the reputational risks arising from the convergence of two major sociotechnical forces — the rise of ideological polarisation and the emergence of generative AI capable of creating convincing hoax content.
Exclusive When innovation and trust are at odds
  • Article
  • 01 Dec 2023
  • Robert Hurley
Speeding an innovative new product to market can have serious consequences, says Robert Hurley. Consider the Fisher-Price Rock ’n Play, which has lost consumer trust for the company after being linked to 32 infant deaths. According to the article, a risky type of manic innovation happens when a company fails to create a balance between growth and risk management, with staff concerned about safety and long-term reputation marginalized.
Exclusive Opinion pieces: On data and models: Is more always better?
  • Article
  • 01 Dec 2023
  • Thomas C.Wilson
Thomas C. Wilson is an honorary professor of applied risk in insurance at Ludwig Maximilians University, and Chief Executive Officer of Allianz Ayudhya Pcl., Thailand. In this article he argues that more data and more sophisticated models are not always a universal panacea and may lead to bad business outcomes if not managed appropriately. He summarises the evolving business cases for increasing data and models in the risk management domain, giving examples of risks which are introduced or exacerbated by the use of more data and more complex models.
Exclusive Generating risk: New exposures from ChatGPT and other AI tools
  • Article
  • 01 Nov 2023
  • Corey McReynolds
The article focuses on the growing integration of generative artificial intelligence (AI) tools like ChatGPT into company workflows, with many employees already using them without clear policies. Topics discussed include the widespread use of ChatGPT by staff, potential risks such as data security concerns, and the need for organizations to develop customized policies, education, and awareness to effectively manage the use of generative AI tools.
More articles

Online magazines

Some online journal titles are available only to logged-in ICAEW members, ACA students and other entitled users. To view the full range of titles available to you, please log in.
Audit & Risk
  • Chartered Institute of Internal Auditors
Magazine published six times a year by the Chartered Institute of Internal Auditors. Includes news, opinion and feature articles on internal audit.
Business Insurance
  • Business Insurance Holdings, Inc.
American magazine for executives concerned about risk and its impact on their business, covering core issues such as property and casualty insurance.
Continuity Insurance and Risk
  • Perspective Publishing Limited
Magazine for risk management, business continuity and commercial insurance purchasers.
Strategic Risk
  • Newsquest Media Group
Risk management journal focused on Europe. Includes breaking news, comment and analysis.
Disclaimer

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.

Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a range of articles, books and reports on risk management. Use the links below to see what we have available to request in our Library catalogue (Libcat).
Operational risk management in financial services: a practical guide to establishing effective solutions
  • Library book
  • 2022
  • E.Pykhova
  • Kogan Page
This practical guide includes appendixes containing an operational risk champion role description, example operational risk event reporting template, ORA template and table of 50 key risk indicators.
Risk and compliance: questions and answers
  • Library book
  • 2022
  • R.Atkinson
  • Law Society Publishing
Provides practical guidance on points that those tasked with risk and compliance in their firm or business need to consider, with 200 questions and answers. Sections cover anti-money laundering, financial crime and regulation and compliance: including SRA accounts rules and compliance questions for running a law firm.
Sustainability accounting and accountability, 3rd ed.
  • Library book
  • 2022
  • M. Laine, H. Tregidga, J. Unerman
  • Routledge
This book provides a comprehensive overview of sustainability accounting and accountability. Topics covered include management accounting and organisational decision-making, sustainability reporting frameworks and practices, as well as ESG-investments, financial markets and risk management.
Risk management update for accountants and tax advisers
  • Library book
  • 2021
  • K.Eckstein
  • LexisNexis
A Tolley's Tax Digest on getting risk management processes right. Covers: planning for the client retainer; how to get the retainer right; retainer creep; liability caps; consumers; disputes within clients; termination of the retainer; fee disputes; and common causes of claims & how to prevent them.
The good governance guide to risk
  • Library book
  • 2021
  • S.Ashby
  • CGI Publishing
The book offers complete coverage of this dense, wide-ranging topic and will make sure that the reader can manage and control risk effectively.
The family office: a comprehensive guide for advisers, practitioners, and students
  • Library book
  • 2021
  • Edward V.Marshall, W.I.Woodson
  • Columbia University Press
An essential read for anyone looking to understand the world of family offices. Woodson and Marshall provide a comprehensive overview of the various functions family offices can perform and how to set them up effectively.
Managing risk: a guide for accountants and tax advisers
  • Library book
  • 2019
  • K.Eckstein
  • Claritax Books
Aimed at smaller and mid-sized firms, this book highlights areas of danger and advises how firms can develop processes to reduce the risks. Practical advice is given on such topics as engagement letters, liability caps, invoicing, office systems, and managing planned and unplanned staff absence.
Fundamentals of risk management: understanding, evaluating and implementing effective risk management
  • Library book
  • 2018
  • P.Hopkin
  • Kogan Page
A comprehensive introduction to commercial and business risk for students and risk professionals. It provides a full analysis of the changes in contemporary risk areas including supply chain, cyber risk, risk culture and appetite, improvements in risk management documentation and statutory risk reporting.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

External resources - Organisations

Association of Insurance and Risk Managers (AIRMIC)
  • Website
Members’ association supporting those responsible for risk management and insurance within their own companies.
Global Association of Risk Professionals (GARP)
  • Website
Independent association of risk management practitioners and researchers. The news and resources section includes research, white papers, webcasts and a digital library (free site registration required for member only content).
Institute of Risk Management (IRM)
  • Website
Non-profit educational body which supports the IRM Diploma in Risk Management. Its Risk Management Standard, published by IRM, AIRMIC and ALARM in 2002, is freely available, as is its Standard Deviations - A Risk Practitioners Guide to ISO 31000 guide, published in 2018.
Oxford University Centre for Corporate Reputation
  • Website
Independent research centre established in January 2008. Site provides access to articles from Reputation Magazine (which is published termly) - plus papers and case studies.
Risk and Insurance Management Society (RIMS)
  • Website
US-based professional body. The site includes a wide range of information, publications such as the Risk Management Magazine, and sample risk management documents.
Risk Management Association (RMA)
  • Website
US-based professional association for lending, credit and risk management professionals. The site includes a fee based search facility and archive for articles from the RMA Journal from 1980 to the present.
Society for Risk Analysis
  • Website
International society which aims to provide 'an open forum for all those who are interested in risk analysis'. The site includes newsletters, glossary, podcasts, webinars, contacts and other useful resources.
The Risk Coalition
  • Website
An association of not-for-profit professional bodies and membership organisations committed to raising the standards of risk management in the UK.
Terms of use

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.

External resources - Guides and publications

EY/IIF Global bank risk management survey
  • Website
  • 2024
  • EY
Annual survey looking at how banks are addressing current threats. The 13th edition of the survey explores how the CRO role has expanded and evolved to incorporate more issues, with cyber again being the top risk priority.
Global RepTrak 100
  • Website
  • 2024
  • Reptrak
Annual survey which reveals how stakeholders perceive companies, providing a ranking of corporate reputation for the world's leading companies.
Global risk management survey - 12th edition
  • Website
  • 2021
  • Deloitte
Deloitte survey assessing the state of risk management in financial institutions around the world. The 12th edition was conducted during March to September 2020, with respondents answering questions about the most important trends and challenges for their institutions over the next two years.
IFAC Governance & Risk Management Knowledge Gateway
  • Website
  • 2021
  • IFAC
The International Federation of Accountants maintain this gateway to discussions, resources and news on risk management and governance.
ISO 3100 Risk Management
  • Website
  • 2021
  • International Organization for Standardization
Global risk management standard from the International Organization for Standardization (ISO). It provides principles, a framework and a process for managing risk. The standard can be used by any organization regardless of its size, activity or sector.
Managing risk in your business
  • Website
  • 2022
  • Be The Business
Working through a risk management matrix, like this one from Smartsheet, is a useful way to assess and mitigate potential risks. The matrix can be downloaded as a pdf template.
The Global Risks Report 2024
  • Website
  • 2024
  • World Economic Forum
World Economic Forum publication that explores some of the most severe risks we may face over the next decade.
Terms of use

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.

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