The 7 principles of risk reporting revealed

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Improved risk reporting can contribute to greater financial stability, but will never prevent business failure, according to a new report by the ICAEW.

The new publication 'Reporting Business Risks: Meeting Expectations'  takes a look at current risk reporting across sectors and countries. It sets out a series of recommendations for improving risk reporting but warns users should not ‘expect miracles’.

Robert Hodgkinson, executive director at the ICAEW, said: “There is scope to enhance risk reporting but it is important to appreciate that risk reporting in itself creates risks and is therefore seen as a risk management exercise. Risk reporting requirements vary greatly from country to country but there are some common principles that could enhance this type of reporting around the world.”

Co-author of the report with Hodgkinson, Brian Singleton-Green, outlined the institute’s seven principles to AccountingWEB:

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