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The robots are coming … is insurance ready for AI?
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.
United Kingdom | Publication | February 2021
On February 5, 2021 the Financial Reporting Council (FRC) published an article by Sir James Wates, Chairman of the Coalition Group that prepared the Wates Corporate Governance Principles for large private companies in December 2018, following an assessment of reporting against the Wates Principles.
The article names private companies that have provided the following:
An area in which reporting could be improved concerns how the company’s purpose has guided board-level discussions and decisions. Corporate governance reports should also be made more accessible on companies’ websites.
The article notes that during 2021, the FRC intends to oversee a body of research with the aim of providing a more complete evidence base of reporting against the Wates Principles and promoting good practice reporting, so as to improve the quality of reporting.
(FRC, Reporting against Wates Principles for large private companies, 05.02.2020)
On February 12, 2021 the Financial Reporting Council (FRC) published for consultation its draft 2021/22 Strategy, Plan and Budget. It states that this reflects its continued commitment to serve the public interest whilst also moving at pace towards building the enhanced capacity and capability necessary to transform into the new Audit, Reporting and Governance Authority (ARGA). The FRC has assumed a further two-year transition period to the creation of ARGA in 2023 in proposing this Strategy and Plan and Budget.
In terms of regulatory focus, key priorities for the FRC in 2021/22 will include the following:
Comments are requested by March 12, 2021.
(FRC: Draft Strategy and Plan and Budget 2021/22,12.02.2021)
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