chapter 4 Flashcards
what are the key features of the uk corporate governance code
board leadership and company purpose
division of responsibilities
composition, succession and evaluation
audit, risk and internal control
remuneration
what do the uk listing rules dictate
companies need to produce half yearly financial reports and annual reports
what are the key requirements of the companies act concerning the disclosure of accounting information
disclose with reasonable accuracy the company’s financial position
enable the directors to ensure that any accounts required to be prepared comply with the requirements of the act
what are the key risk categories that should be focused on as part of an insurer’s risk management activity
strategic
insurance/underwriting
reserving
investment/market
credit
how do companies who wish to share information endeavor to protect the information from unauthorised disclosure
confidentiality agreement/nda
what are the obligations on a company upon receipt of a subject access request
sar, one month to respond but can take an additional two months in certain circumstances
who must comply with the uk corporate governance code
proprietary companies whose shares are listed on the london stock exchange
who published the uk corporate governance code
the financial reporting council
what do statutory reporting requirements state that a company must provide
confirmation statement
report and accounts
directors report
directors remuneration report
chairman’s statement
what is the first line of defence
business managers who have a direct relationship with the control of risk
what is the second line of defence
work of the risk management, compliance and other specialist functions
what is the third line of defence
the internal audit team, who monitor the actual operation of agreed risk controls
