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Full Description
This book provides listed and limited companies with guidance on the preparation of principal and emerging risks critical to their longevity, performance, reputation and profitability. Principal risks are not prepared in a vacuum and hence their context is described in terms of a risk strategy, policy, framework and process as well as the roles and responsibilities of the board, the audit and risk committee, business units, and the risk function (against the backdrop of the UK Corporate Governance Code 2024).
It looks at the rationale for the selection of the principal risks to report, who the prime audience is, readership and the message they provide. The book examines the format of principal risks, how they are reported year-on-year, and the reliance that investors can place on transparency. Evidence has shown, following high profile company collapses, that companies that have not given adequate attention to their principal and emerging risks have paid a very heavy price.
Principal and Emerging Business Risks will be invaluable to board members (including non-executive directors), audit and risk committee members, enterprise risk management directors and managers, and risk champions supporting both UK companies listed on the London Stock Exchange Main and AIM markets, and limited companies.
Contents
Part I Setting the scene 1. Introduction 2. Risk management terms and definitions 3. Structure of the book 4. Business growth through risk taking Part II Process Inputs - Those activities that will contribute to the completion of the Process Task 5. Awareness of the risk landscape 6. Developing an understanding of corporate governance and the UK Corporate Governance Code 7. Risk Capacity, Appetite and Tolerance 8. Building confidence with investors Part III Process Enablers - Which support the identification, review and acceptance of the principal and emerging risks 9. Board decision making 10. Role of the Audit and Risk Committee 11. The support role of Non-Executive Directors 12. Role of business function heads 13. Role of the Group Risk function 14. Three lines of defence Part IV Process Constraints - Those activities that will potentially inhibit the completion of the process task 15. Immature risk management practices 16. Developing the risk management culture Part V Process Task - The selection and finalisation of the principal and emerging risks 17. Selection of the Principal and Emerging Risks Part VI Process Outputs - The specific outputs from the Process Activity 18. Annual report risk management disclosure 19. Business longevity through risk management
