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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

UPDATING OUR GUIDANCE: In December 2019, the Risk Coalition launched its internationally acclaimed leading practice guidance for board risk committees and second line risk functions, Raising the Bar. A global pandemic, Brexit, various economic crises and a war in Europe later, although feedback suggests the original guidance remains relevant and robust, we feel it is now time to review and refresh the guidance. An outreach programme of research interviews, supported by a series of working group meetings to refresh the guidance was undertaken in 2023. Dates are to be confirmed but we anticipate that a public consultation will be undertaken later in 2024, with a view to publishing the updated version of Raising the Bar by the end of 2024.

A broader, sector-agnostic edition of guidance, Raising Your Game, is also being developed and we also intend that this is issued for consultation and subsequently finalised in the current year.

As a not-for-profit, public interest entity, the Risk Coalition relies heavily on sponsorship and donations to do its work. If your organisation would like to sponsor the next iteration of Raising the Bar or Raising Your Game, please get in touch with us at team@riskcoalition.org.uk.

And if you've not yet read Raising the Bar - or if you've misplaced your copy - you can download it for free here.

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.

Insights & Benchmarking

To help firms assess how well they meet the guidance set out in Raising the Bar and The Extra G - ESG² and understand where they can continually improve their risk oversight, the Risk Coalition has developed two online gap analysis and benchmarking tools, GABI-PRIME and GABI-GEO respectively.

In developing this guidance, the Risk Coalition has 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.