On the 16th October 2023, the government withdrew its draft reporting regulations relating to the corporate governance reforms, which included the requirement for companies to publish an annual resilience statement. The decision was made following consultation and feedback from companies who expressed concerns around the additional burdens of the new reporting requirements. Following the consultation, the government has committed to simplifying and streamlining the existing process and reform the wider audit and corporate governance framework. To facilitate this reform work, the government has announced plans to establish an Audit, Reporting and Governance Authority to replace the existing Financial Reporting Council.
This article by Neil Bourke and Emma Price, partners at Deloitte, considers what this change means for strengthening resilience within the private sector, and how business leaders can enhance their organisational resilience by enhancing their approach to risk and resilience in an alignment with ambitions in the UK Governments Resilience Framework.