On January 28, 1986, nearly 30 years ago, the space shuttle Challenger broke apart 73 seconds into its flight, leading to the tragic deaths of its seven crew members.[1] As the spacecraft disintegrated over the Atlantic Ocean, the paradigm of risk management shifted from reactive to proactive. Taxonomies, frameworks, methodologies and tools developed rapidly to […]

On 18 September 2014, the FRC published its final Guidance on Risk Management and Internal Control and Related Financial and Business Reporting (following a consultation which was published on 08 November 2013). This new guidance replaces the Turnbull Guidance (Internal Control: Revised Guidance on the Combined Code issued in 2005) and the FRC’s guidance on […]

The Basel Committee on Banking Supervision (BCBS) has published a consultation on revised guidelines for corporate governance at banks which build on the BCBS principles for enhancing corporate governance. The revised guidelines aim to provide a framework in which banks should operate to achieve robust and transparent risk management, and promote public confidence in the […]

Compliance risk management has come a long way, but compliance programs still have some distance to go to become — in their own estimation — true strategic business partners. The results of Accenture’s 2014 Compliance Risk Study – based on survey responses from 100 compliance officers at banking and capital markets firms across Europe and […]

The Financial Stability Board (FSB) has published two papers designed to assist supervisors in enhancing risk management practices at financial institutions: • Principles for an effective risk appetite framework. Following comments received to an earlier consultation the principles have been revised. Respondents were generally supportive of the overall direction of the draft principles, however, they sought […]