How are organisations approaching the development of an Audit and Assurance Policy?
FIND OUT MORE
In response to the priorities of a number of FTSE-listed Risk Leadership Network member organisations we've recently conducted a pulse check with 14 organisations to determine what phase of development these companies are at with driving the development of the Audit and Assurance Policy (AAP). Fill in this form to request to see the full report via a short presentation.
As a result of upcoming changes to the UK Corporate Governance Code, companies will soon be required to include a statement in their annual report that describes how the organisation is taking action to seek assurance, both internally and externally, about the information they provide to shareholders.
14 large organisations have contributed to the pulse check, detailing what phase of development these companies are at, who is driving the development of an AAP within these companies and any other major challenges association with this new requirement.
We're only able to show this data to prospective members - in-house corporate risk leaders at large non-financial institutions in Europe, MENA and Asia-Pacific.
Fill in this form to see the benchmark
FAQs
14 large organisations based in the UK.
- What stage of development are companies at?
- How many companies are actively developing an AAP (as opposed to planning and consultation phase)?
- What are companies prioritising with regard to the AAP (e.g. assurance mapping, embedding and refining controls framework, gathering and refining assurance information).
- Who is driving the development of the AAP?
- What internal and external stakeholders have been engaged?
- What are the key challenges with the AAP?
- What are companies going to include in their AAP (e.g. explanation of non-financial controols, spend on assurance, areas for improvement etc.)
To compile this report, Risk Leadership Network interviewed risk leaders at each company, asking a series of closed and open-ended questions to understand how organisations are preparing for the AAP.
All responses provided during the interviews have been anonymised, collated and analysed collectively for this report.
We developed this pulse check to support a member on their specific risk priority: they wanted to leverage the network of peers to determine how other companies are preparing for the code changes, and how much planning and preparation - and action - other organisations are taking at present. In essence, they wanted to benchmark and validate their approach to gain confidence in their own plan. They asked the network for support as part of the bespoke assistance service included in RLN membership.
Yes, we regularly create benchmarks or pulsechecks in response to our members' priorities. Take a look at some of our latest benchmarks here. Through our bespoke, consierge "network assistance" service, we deliver these niche reports in a timely way to meet the exact needs of the organisation who requested it. Of course, the benchmarks are often useful for other organisations too and we share the results. If you'd like us to create a benchmark for your organisation, please fill in this form and we'll get back to you with a time-frame and membership proposal.
Please fill in the form and we'll present the key findings to you*, and discuss how our members are leveraging the data in the report to operationalise and accelerate ERM better practice.
Due to the high value data in the report, we only send the report to members of Risk Leadership Network.
*Subject to approval. You must be the risk lead at a global manufacturing organisation to take part.
Yes. Members of Risk Leadership Network work with a network manager to make sure we meet your risk priorities. If there's an informal benchmark that would assist you in your priorities, we'll create it for you in a timely manner. Most benchmarks are complete within 8 weeks of request. Tell us more about the benchmark you need and we'll get back to you with timescales and a membership proposal.