The Risk Coalition is a network of not-for-profit professional bodies and membership organisations committed to raising the standards of risk management in the UK
NEW CONSULTATION: In December 2019, the Risk Coalition launched its original, leading practice guidance for board risk committees and second line risk functions in the financial services sector, Raising the Bar. During 2023 and 2024, we have worked on draft, cross-sector risk governance guidance for boards, entitled Raising Your Game, and now welcome your feedback which we can consider before issuing a final version later this year. The consultation remains open until 16 September 2024 and details of how to respond to the consultation are contained in the document. We look forward to receiving a wide range of views and very much welcome yours.
And if you've not yet read Raising the Bar - or if you've misplaced your copy - you can download Raising The Bar for free.
Who we are
The Risk Coalition was formed in 2018 to meet the need for coherent, principles-based good practice for board risk committees (risk oversight committees) and risk functions.
Risk Guidance
The first outcome of the Risk Coalition’s work was our guidance on risk governance for board risk committees and risk functions, Raising the Bar, published in December 2019.
The second outcome is The Extra G - ESG², which focuses on geopolitical risk and its intersection with ESG issues, published in October 2021.
We are now consulting on Raising Your Game, cross-sector risk governance guidance for boards.
Insights & Benchmarking
In developing our guidance, the Risk Coalition has consulted widely. We have drawn on industry, academic and regulatory best practice and consulted widely, including with the key UK regulators who are supportive of all work that raises risk standards across the industry.
Objectives
The Risk Coalition’s objectives for this principles-based guidance are to:
establish a common understanding of the purpose, role and activities of the board risk committee (or risk oversight committee) and risk function;
provide a benchmark against which board risk committees (or risk oversight committee) and risk functions can be assessed objectively;
raise the general standard of risk governance and oversight practice; and
fill the gap in principles-based good practice risk guidance whilst recognising the presence of detailed regulation.
Structure
The Risk Coalition is supported by the Risk Coalition Research Company Limited, a not-for-profit company established to propose, initiate, administer and deliver Risk Coalition approved projects and initiatives. The Risk Coalition Research Company is managed by the Core Team.
Members
Airmic
ACCA - Association of Chartered Certified Accountants
CSFI - Centre for the Study of Financial Innovation
CIIA - Chartered Institute of Internal Auditors
CISI - Chartered Institute for Securities and Investment
CII - Chartered Insurance Institute
CBI - Chartered Banker Institute
ERMC - European Risk Management Council
ISACA
LIBF - London Institute of Banking and Finance
ORIC International
PRMIA - Professional Risk Managers' International Association
Resilience First
The way the members of the Risk Coalition work together and contribute to raising standards of risk oversight is set out in a memorandum of understanding.
Sponsors and Supporters
DCROI - Directors and CRO Institute
ESG Foundation
Federated Hermes
IFoA - Institute and Faculty of Actuaries
NEDA - Non-Executive Directors' Association
NEDonBoard
Permuto Consulting Limited
Transpire Global Directors Network
Winmark
Workiva
Observers
FRC - Financial Reporting Council
IOR - Institute of Operational Risk
IRM - Institute of Risk Management
LMA - Lloyd’s Market Association