Corporate risk reporting

The Institute of Chartered Accountants in England & Wales (ICAEW) believes that there are important benefits for companies in providing better information about what they do to assess and manage key business risks. As well as making available practical forward-looking information, the ICAEW says it will also reduce the cost of capital to the company by helping investors and others to understand the key risks inherent in the business as well as improve management’s accountability for stewardship, investor protection and the usefulness of financial reporting. Peter Wyman , president of ICAEW, says that, above all, companies should be open about the risks involved in implementing their business strategies. Below, Mr Wyman comments on the ICAEW’s recently published position paper, No Surprises: working for better risk reporting.