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Managing risk

Guidance for corporate governance professionals on risk management for boards and the role of the risk committees

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How boards of accounting and finance firms can benefit from shadow boards

  • Helpsheets and support
  • 16 May 2024
  • Corporate Governance Department
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.
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Articles & features

Exclusive INTERNAL AUDIT COMMUNITY I'm an audit chair - get me out of here!
  • 30 Sep 2024
  • Carolyn Clarke - Internal Audit Community
In years gone by, the Audit Committee was firmly a finance domain. Audit Committee Chairs were predominantly accountants, often former external audit partners or CFOs, tasked with ensuring the financial results and the Annual Report reflected the performance of the organisation.
Exclusive INTERNAL AUDIT COMMUNITY Internal audits role in navigating the new internal control attestations
  • 28 Sep 2024
  • Michael Lucas, Brave Within LLP
As we approach the end of 2024 listed companies and those that state compliance with the UK Corporate Governance Code are increasingly turning to the question of how to address the requirement to provide an attestation over the effectiveness of material financial, operational, compliance and reporting controls.
New Internal Audit Code to strengthen corporate governance
  • 11 Sep 2024
  • ICAEW Insights
Enhanced Chartered Institute of Internal Auditors Code of Practice aims to tackle emerging risks, bolster business resilience and support economic stability.
AUDIT AND ASSURANCE FACULTY Climate assurance: governance and accountability
  • 06 Jun 2024
  • Audit and Assurance Faculty
Explore the board's responsibilities, audit committee obligations and the role of internal systems of management and control in delivering appropriate and effective climate assurance.
AUDIT AND ASSURANCE FACULTY Case study: international insurance company
  • 06 Jun 2024
  • Audit and Assurance Faculty
International insurance company explores applying Sarbanes-Oxley style assurance principles to non-financial reporting.
AUDIT AND ASSURANCE FACULTY Climate assurance: introduction
  • 06 Jun 2024
  • Audit and Assurance Faculty
Directors are accountable for all aspects of a company. They need to be confident that they can make decisions and commitments based on robust systems, processes and information, with aligned cultural and behavioural practices. Assurance underpins this confidence.
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Guidance

Faculty news: June 2024
  • Helpsheets and support
  • Jun 2024
The latest from ICAEW’s centre of professional expertise in corporate finance, with a cyber specialist joining the faculty, dates for the diary including the faculty AGM, plus the Takeover Code consultation.
CORPORATE GOVERNANCE How boards of accounting and finance firms can benefit from shadow boards
  • Helpsheets and support
  • May 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.
Developing a meaningful Audit and Assurance Policy
  • Report
  • Jun 2023
  • PDF (7,020kb)
ICAEW recommendations in this report, and the extensive outreach and evidence gathering process on which they are based, suggest that introducing an "Audit and Assurance Policy" could render corporate information more informative: augmenting the understanding, utility and value of audit and assurance activities, enabling them to be driven by the needs and expectations of key users, and making them more accessible in order to facilitate more appropriate resource decisions.
AUDIT AND ASSURANCE FACULTY Sharpening the Focus on Corporate Fraud: an Audit Firm Perspective
  • Report
  • Jul 2022
  • PDF (1,112kb)
A snapshot of the steps being taken by audit firms to better facilitate fraud deterrence and detection.
Well-led review of the Bar Standards Board: findings report
  • Report
  • Nov 2021
  • PDF (246kb)
Well-led review of the Bar Standards Board: findings report
Internal controls reporting: sketching out the options
  • Thought leadership report
  • Jun 2020
What might a future framework for reporting on internal control over financial reporting (ICFR) look like? This essay from the Audit and Assurance Faculty examines various reporting frameworks, including COSO and the UK Code, as well as how these fit in with Sir Donald Brydon’s recommendations.
Avoiding information overload insurance
  • Helpsheets and support
  • Jan 2020
  • PDF (287kb)
This guide offers practical examples and checklists for those working in or with the insurance industry to avoid information overload.
INTERNATIONAL Audit committees in Europe
  • Report
  • Nov 2019
  • PDF (1,368kb)
This report expands our examination to audit committees in a further six EU countries, spread across the centre and south, with various corporate governance traditions and different sized capital markets – namely Belgium, Cyprus, Greece, Malta, The Netherlands and Portugal.

CPD Training courses

Stay on top of the rapidly evolving corporate governance landscape and discover how to be a high-performing board director.
Corporate governance courses
Octopus

Webinars and other recordings

Exclusive INTERNAL AUDIT COMMUNITY The role of internal audit in uncertain times
  • Webinar
  • Feb 2023
Listen to our webinar recording and hear from a Group Risk and Internal Audit Director about the role of internal audit in uncertain times.
Exclusive CORPORATE GOVERNANCE COMMUNITY Succession planning for Boards, Executives and NEDs: now a must-have not a nice-to-have
  • Webinar
  • Mar 2019
Succession planning for board members, both senior executives & NEDS – it’s an area that is often on the to do list but needs to be documented, shared and reviewed. A panel of respected board members and specialist advisors consider the current state of play and what organisations need to do to be on the front foot.
Exclusive CORPORATE GOVERNANCE COMMUNITY Leading an effective audit committee
  • Webinar
  • Mar 2018
Angela Crawford-Ingle, Chair of Audit & Risk Committees at Beazley plc, Swinton Insurance and River and Mercantile Group, and Tim Copnell, Founding Chairman of KPMG’s UK Audit Committee Institute share best practice in leading an effective Audit Committee.
Exclusive CORPORATE GOVERNANCE COMMUNITY Managing social media to avoid reputational damage
  • Webinar
  • Dec 2017
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.
Exclusive CORPORATE GOVERNANCE COMMUNITY Cyber security: an update on what boards need to know
  • Webinar
  • May 2016
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.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
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 Acceptable usage terms.

eBooks

The Library & Information Service provides a collection of eBooks as a benefit of membership. Please note that ICSA 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
Exclusive The role of the board in risk management oversight
  • eBook chapter
  • 2016
  • John R.S. Fraser
  • John Wiley & Son
  • Handbook of Board Governance
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.
Exclusive The board structure and its committees
  • eBook chapter
  • 2017
  • ICSA Publishing
  • ICSA Publishing
  • The ICSA Corporate Governance Handbook
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.
Exclusive Technology governance
  • eBook chapter
  • 2024
  • Wiley
  • Handbook of Board Governance
Explores the practical realities of corporate governance in public, private, and not-for-profit environments. Part 3 looks at he governance of technology with particular focus on AI and cyber risk.
Exclusive Risk management
  • eBook chapter
  • 2008
  • Alan Calder
  • Kogan Page
An introduction to governance for directors and executives. Chapter 12 deals with risk management with sections on: risk management and corporate governance; risk assessment; controls; risk management; Basel II; ERM framework; COSO ERM framework.
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.

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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.
Exclusive AI at the crossroads: Revamping board structures for effective governance.
  • Apr 2024
  • Tom Petro
  • National Association of Corporate Directors
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 Navigating AI: a pragmatic guide for corporate boards
  • Oct 2023
  • Chris Smith
  • National Association of Corporate Directors
The article focuses on how the exponential growth of artificial intelligence (AI) across various sectors is compelling boards to redefine their roles in providing oversight and guidance on AI strategy and risk management. It emphasizes the importance of a human-centred approach to AI, aligning strategic decisions with an organization's mission and values, addressing ethical dilemmas, intellectual property concerns, and privacy challenges.
Exclusive AI ethics committee - a new necessity?
  • Jul 2022
  • Reid Blackman
  • Harvard Business Publications
Article explains why having expert oversight over your organisation's use of AI can safeguard your data and your brand. An AI ethics committee can identify and mitigate the ethical risks of AI products that are developed in-house or procured from third-party vendors.
Exclusive 7 pressing cybersecurity questions
  • Apr 2022
  • Keri Pearlson, Nelson Novaes Neto
  • Harvard Business Publications
This article offers 7 questions to ask to make sure your board understands how cybersecurity is being managed by your organisation. Asking these questions will also raise awareness of the importance of cybersecurity, and the need to prioritize action.
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.

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Useful links

UK Corporate Governance Code
  • Jan 2024
  • Financial Reporting Council
Section 4 – Audit, risk and internal control - from the UK Corporate Governance Code 2024 (for accounting periods beginning on or after 1 January 2025)
Section 4 - Audit, risk and internal control - from the UK Corporate Governance Code 2018.
Risk committee - terms of reference
  • Jun 2020
  • ICSA The Governance Institute
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.'
Covid -19 interviews
  • Apr 2020
  • Board Alchemy
ICAEW member Hanif Barma, who runs the board effectiveness consultancy, Board Alchemy, has conducted a series of interviews with FTSE chairs, risk committee members and charity governance professionals to hear how they are approaching the COVID-19 crisis. Read his findings.
Guidance: Raising the bar
  • Dec 2019
  • The Risk Coalition
Principles-based guidance for board risk committees and risk functions in the UK financial services sector from the Risk Coalition.
Disclaimer

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