The prospect of complying with Provision 29 of the UK Corporate Governance Code (the Code) control reporting requirements may seem daunting, depending on your current situation.
To help you navigate these changes, we're sharing valuable insights on internal control compliance.
In January 2024, the Financial Reporting Council (FRC) published revisions to the Code following their 2023 consultation on how risk and internal control reporting could be included more effectively. This followed the Government announcements in late 2023 withdrawing secondary legislation and pursuing options to streamline and simplify existing corporate reporting.
Boards are more alert to risk and their responsibilities than ever, seeking greater assurance over the control environment. Although premium listed businesses should already have a framework of internal controls in place, these can vary widely. Though Provision 29 isn't effective until 1 January 2026, our latest corporate governance research found that only 2% of the FTSE 350 disclosed all of the recommended information.
While there's still time to finesse practices and systems, without these in place, the majority of companies could miss early warning signs of deteriorating business performance.
What does this mean for you, your Internal Controls framework and your annual report?
Our analysis reveals how companies are excelling in the here and now, but need to start thinking longer term. It benchmarks how the updated Code and Provision 29 are being approached in the market, and where action is needed.
If you haven’t already started building your ‘reasonable procedures' defence for ‘failure to prevent fraud’ then you need to get going on it.
The Code update asks companies to report on the effectiveness of their material controls and is now sharpening the focus on how material third party risks are managed. Complying with the regulations requires careful assessment and strategic planning to ensure resilience and compliance.
Following the Financial Reporting Council (FRC) publishing an update to the UK Corporate Governance Code, we explain what the Code changes mean and what you should do next.
Digital innovation and automation can generate valuable insights that help you monitor financial risks and controls in a complex and changing world. Wondering how you can get started?
How we helped a client demonstrate testing of its IT controls for SOX compliance, automating for efficiency and insight.
Controls automation can deliver quick wins and long term value to your compliance capabilities. If you get it right.
Information technology controls are vital for efficient UK Corporate Governance Code and technology controls. We look at the challenges and opportunities.
Introducing Wave – our app-based, ready-to-use analytics platform to help you generate intelligent insights to support risk management and control monitoring.
By leveraging the power of Wave, you can add significant value to your ICFR compliance programme.
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