The Risk Coalition launched its Risk Guidance Initiative in 2018 to meet the need for coherent, principles-based good practice guidance for board risk committees and risk functions within the UK financial services sector. The outcome of this work was ‘Raising The Bar’ published in December 2019.
The Coalition has followed up the work above with the release of a new online Gap Analysis and Benchmarking Insights (‘GABI’) service. This has been developed to enable firms to:
- undertake a gap analysis against the Risk Coalition’s Raising The Bar guidance; and
- benchmark against good practice elsewhere in the sector.
GABI is available in two different modules:
- GABI part A - this covers the principles and guidance for risk committees and has been developed and is available now.
- GABI part B - this covers the principles and guidance for risk functions and is under development; we anticipate this will be available shortly.
Benchmarking capabilities will be available towards the end of the year when sufficient data has been built up to make comparisons worthwhile and to allow insights to be drawn.
The key benefits of using the tool are to:
- have an assessment of how you stand overall against the Guidance.
- see how views vary across your key stakeholders
- be able to demonstrate the effectiveness of your risk oversight to the regulators
- be able to see how you compare against your peers (available later this year).
Additionally, the reporting we offer makes analysis easy to undertake and insight easy to draw.
GABI is a subscription service and NEDA members can obtain a 10% discount on the annual subscription - on top of the early bird discount of 50% offered until the end of July 2020.
Further details on the tool can be found by following this link. For details of the NEDA discount contact: firstname.lastname@example.org