- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-11-07T20:03:00
Companies continue to improve their reporting against the U.K.’s Corporate Governance Code, but the lack of detail about the outcomes and impacts of governance policies hampers proper understanding of how risks are being managed.
The Financial Reporting Council’s (FRC) annual review of corporate governance reporting, published Thursday, finds that while reporting has improved year on year, there are “few companies whose disclosures meet the highest standards.”
The FRC found while companies are moving toward greater transparency and more disclosure—particularly in terms of departure from the code—there is little meaningful explanation about why they have chosen to explain rather than comply.
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Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
