Member case study

Benchmarking early adoption of the BEIS resilience statement
July 2022

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"My board want our organistion to be early adopters of the resilience statement, as outlined in the BEIS consultation, but I'm not convinced that's the right approach. I need to know if other FTSE organisations are looking at early adoption - I don't need a huge sample size, but I'd like an indication of what some other FTSE companies are considering within six weeks. I also need to know the steps I should be taking to become BEIS-ready."
Risk Leadership Network member

CRO at a FTSE-listed media organisation

Background

After an 11-month wait, the Department for Business, Energy and Industrial Strategy (BEIS) published its response to reform corporate governance and audit on 31 May 2022. One of the key outcomes is around risk and resilience, including the introduction of a resilience statement in annual reporting. The Resilience Statement, at this stage, was not mandatory.

What we did

1. Bespoke pulse check

We conducted a pulse check within and outside our network with 14 FTSE100 listed companies asking:

  • Are you considering/have you considered adopting a resilience statement?
  • If not, what other areas are you focusing on to be "BEIS-ready"?

The report was delivered in a  six-week window.

What we did

2. Set up series of bespoke meetings surrounding BEIS requirements

We set up a series of small workshops for FTSE-listed members to discuss the implementation of the BEIS recommendations:

  • BEIS regulation and reporting readiness - Sept 2022
  • Resilience strategy planning and BEIS requirements - Dec 2022
  • Developing an Audit and Assurance Policy: Preparing for BEIS - Jan 2022

The meetings were well attended by risk leaders at FTSE organisations and they had constructive discussions about implementing the BEIS requirements. 

The result

How this helped

1

Validated member's approach to the board

The member could reinforce their position backed by insights from Risk Leadership Network - that an early adoption of the resilience statement should not be a priority. It also highlighted their position that there are other areas the company could focus on to be more "BEIS ready", that are in-line with what other FTSE companies are doing.

2

Reassured the board the risk team are keeping up with market trends

The meetings focused on various steps FTSE-listed companies were taking to become BEIS-ready and reassured the board that the risk team was preparing for BEIS through regular consultation with other risk practitioners.

3

Reduced spend on consultancy

The member reported that they didn't need to commission a consultancy project surrounding BEIS preparedness and that a speedy pulse check provided ample data to support their internal priorities. Avoiding consultancy pitches for unnecessary work was a huge relief.

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