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FRC and Risk Reporting

The Cross Practice FRC and Risk Reporting Working Party sought to identify how the profession could raise awareness of the role of actuaries in meeting new requirements for risk management and risk reporting by major listed companies

The Financial Reporting Council had issued a consultation paper on new requirements for risk management and risk reporting in 2014 and the new rules required major listed companies to undertake robust risk assessments, often backed up by scenario modelling, and for auditors to be able to investigate and challenge the work done to evidence these assessments.

The working party’s key objectives were to:

  • investigate how the profession could increase awareness of the potential contribution actuaries could make in this area, either by direct approaches to interested parties, or by general messaging
  • provide a forum for development of ideas and training materials or events, and sharing of best practice in this area.

Further information relating to the new UK Corporate Governance Code from the Financial Reporting Council (FRC) and the FRC and Risk Reporting Working Party is available here.

The remit of the working party has come to a natural end and below is a summary of all the work it has achieved:-

Outputs:

Articles:

Presentations at events:

Research:

  • The Institute and Faculty of Actuaries (IFoA) has conducted a survey of UK Listed companies to gain an understanding of the impact of the updated Code. Bringing together key stakeholders from the FRC, Institute of Risk Management (IRM), IFoA and a range of companies from a number of sectors; the IFoA presented its findings and provided a unique opportunity for interested parties to come together to discuss the impact of the changes. The report is available below.
  • Research Report - FRC Risk Reporting Guidance for Boards.

Press Releases and Promotional Literature:

Current focus (2016/2017):

A meeting will take place to consider expanding the focus of this working party to wider fields.  Further information will be available in the autumn session.

Chair: Colin Ledlie
Membership: 16
Established: 2014

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Contact Details

If you have ideas for cross practice research, or want more information about cross practice working parties, please refer to our Guidance for Research Working Parties or contact the Communities Team.

professional.communities@actuaries.org.uk

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