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New Guidance for Risk Committees and Risk Functions Published

The Risk Coalition, a newly created association of the UK’s leading professional membership bodies, has recently published its ‘Raising the Bar’ principles-based guidance for board risk committees and risk functions in the UK financial services sector

“In financial services the real risk is to take no risks. We are in the business of managing financial risks.  Yet for some time we have failed to manage these well.  If we dealt well with threats, although we would have low-level failures, systemic impacts would be low.  If we dealt well with opportunities, we would have far better reputations with our clients.”  Professor Michael Mainelli, Alderman & Sheriff of the City of London

Raising the Bar will provide boards, investors, regulators, ratings agencies, Skilled Persons firms and other stakeholders with a commonly agreed benchmark for ‘what good looks like’ – something that has not been available previously.  

The Risk Coalition’s aims in producing Raising the Bar are to close major gaps in risk governance and oversight in the UK financial services sector, including:

  • establishing a common understanding of the purpose, role and activities of the board risk committee and risk function;
  • providing a benchmark against which board risk committees and risk functions can be assessed objectively;
  • raising the general standard of risk governance and oversight practice within UK financial services; and 
  • filling the gap in principles-based good practice risk guidance whilst recognising the presence of detailed regulation.

The Risk Coalition expects that Raising the Bar will lead to considerable improvement in how risk governance and oversight is exercised within the UK financial services sector and beyond.  

Its focus on alignment of organisation purpose, strategy, objectives and risk should lead to the repositioning of the board risk committee as the pre-eminent board committee with a direct influence on overall business performance.  

To read a copy of the Report click on the Download link


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