Background - Working Party takes on FRC risk reporting

In response to the consultation entitled Risk Management, Internal Control and the Going Concern Basis of Accounting, the IFoA established a new Working Party, the FRC and risk reporting Working Party (a multi-disciplinary working group with experience across risk, life, GI and pensions), to develop the profession’s response to upcoming changes in the FRC guidance to directors on risk management and internal control, commonly referred to as the Turnbull guidance.

The overall objective of the Working Party is to help actuaries make the most of the changes to expand their impact and influence. 

The FRC’s consultation on changes ended in January, with the IFoA submitting a joint response with the Institute of Risk Management (IRM) that was broadly supportive.

The final guidance was issued in September, with the new guidance becoming effective for financial reporting years commencing on or after 1 October 2014.

For further information please visit FRC and risk reporting Working Party.