PracticeConsultingTurnbull report.

Turnbull report.

Ernst & Young has stated that UK firms must increase their focus on internal controls and risk management processes if they are to meet looming deadlines set by the Turnbull report on corporate governance.

While many FTSE businesses will be able to meet significant requirements of the report, which focuses on the importance of risk management, most will need to move quickly if they are to achieve full compliance and gain from the associated business benefits when Turnbull becomes mandatory next year. The Turnbull report emphasises the need for boards to explicitly and regularly monitor not only control failures but also control weaknesses and “near misses”. It is this requirement for boards to evaluate the overall effectiveness of their entire control framework that makes the requirements of Turnbull challenging, given the other pressures on management time, says E&Y.

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