The Risk Coalition is a network of not-for-profit professional bodies and membership organisations committed to raising standards of risk governance and risk management in the UK.
The Coalition launched its Risk Guidance Initiative in 2018 to provide a framework and forum for UK financial services regulated firms to develop best practice. The IFoA is one of the Coalition's Supporting Organisations, contributing to the development of the Risk Guidance through the involvement of its risk specialists and broader membership.
The Coalition has been consulting on principles-based good practice guidance for all financial services firms, in terms of boards' responsibilities for risk and the role of the CRO. The guidance is intended to become the first commonly agreed benchmark for 'what good looks like' in this area. The Risk Coalition's aim in publishing the guidance is to improve the overall quality of risk management within the UK financial services sector and to take better advantage of the opportunities presented by technological, environmental and economic change in the wider world.
The Coalition is set to publish the final guidance in December. This will take account of stakeholder comments, including those submitted by the IFoA, as developed by the Risk Management Board and Research Committee.
Please visit our website page on the Risk Coalition at bit.ly/33ycrsq