Technical Update
UK Corporate Governance Code: the changes to Corpate Governance in the UK are broadly good. I think there are three major issues that need to be addressed. For more click here...
Bribery risk: The new UK Bibery Act is working its way through parliament: will it get through before the election? For a good discussion see DLA Piper's excellent paper: for more click here...
Risk Management Standards Workshop Richard Anderson & Associates in partnership with the IRM will be running a series of half-day workshops during 2010. More...
Are proposed changes to banking regulation too timid? In the light of the comments by the Governor of the Bank of England, do we need to see a much more aggressive Walker Review? For more see here...
Three lines of defence - dead or alive? Following a recent hearing at the EC, the question has arisen as to the importance of TLD. For more see here...
Walker Report: you will all know that Sir David Walker published his consultation report on 16 July 2009. Some thoughts on the subject are here...
Banking to learn from retail: see an interesting blog entry from Robert Peston. I thought we had been here before. More...
Three tales of risk management: custard creams, seat belts and ERM. An unlikely mixture. More...
Delusional views of Corporate Governance: From responses to the FRC’s consultation process, boards seem to think that Corporate Governance is fit for purpose. This is delusional. More...
The SFO Calls... Recessionary tales of the unexpected: Pressures to perform are making perfectly ordinary and decent people bend the truth. If you don't help them very early, the consequences can be dire... The SFO in the UK is advertising for whistleblowers to come forward. It is a good idea to get your house sorted out before someone else sorts it for you. More...
Turner Review on the future of regulation in the banking sector: some interesting aspects on corporate governance and risk management tucked away in the report. More...
Gordon Brown on the changes needed: This article highlights the changes that GB is looking for in the global financial system. Well worth looking at. More...
G20 Communiqué: This link takes you to a copy of the communiqué from the G20 Finance Ministers. It will be interesting to see whether Corporate Governance forms part of the stronger regulatory and oversight regime: hard to imagine that it won't. More...
Compliance Programmes. Compliance is about SOX right? Wrong - it is about a wide range of issues from cartels, through corruption, data protection, heath & safety. And they can each and every one cost money, time and reputations. In these dark economic times, it is worth revisiting your compliance programmes... More...
Enterprise Risk Management. For a long time organisations have been "doing" ERM. But the world has changed dramatically. The EU, the FSA, Basel II, Solvency II, Standard & Poor's (see below) and many others are pushing ERM. Does that make sense given some of the problems? Or does there need to be a new approach. We are launching our vision of ERM2.0(SM) and begin to lay out our thinking here...
Standard & Poor's ratings to include review of ERM. As you may well know, S&P have been looking at ERM in some sectors for some time now, most particularly in FS and energy. This review of ERM is now going to be part of the review for all companies. This is a far reaching change that is really important in that the quality of your ERM programme could now directly impact on the cost of your borrowings. Early attention should be given to this to ensure that you are able to demonstrate a comprehensive ERM programme - maybe, just maybe, this is reason to pay attention to BS31100 (see below).
For more information on the S&P changes click here.
UPDATE: BS31100 now published. BSi have now published BS31100 - a Code of Practice for Risk Management. I have had the pleasure of being a member of the committee that drafted the CoP and spoke at the launch conference. It was a time consuming and challenging process, but we have an excellent document.
I expect the standard to be of interest both to those who have only ever played with risk management so far, and also potentially to those in a sophisticated supply chain where you want to know that others in that chain are in control of their risk management.
I should add of course that this is a Code of Practice, and not a mandatory standard. Although claims of compliance will have to based on proper compliance and deviation from the standard would have to be justified.
The intention is that in due course there will be various practice guides, for example for SME's or perhaps for specific industries.
At Richard Anderson & Associates we will run introductory workshop sessions' if anyone is interested in hearing more, let us know.
You can purchase the Standard here. Or you can contact us for more information about the Standard.