GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

The Global Reporting Initiative (GRI) has called on the EC to make sustainability reporting mandatory in Europe and create a new regulatory pillar to oversee non-financial reporting, as the EU looks to update rules. The EC is currently reviewing its non-financial reporting directive, which includes a proposal to expand the European Financial Reporting Advisory Group’s (EFRAG) role to advise on…

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

Thousands of UK financial services firms at heightened risk of failure from Covid-19, finds FCA

The UK’s Financial Conduct Authority (FCA) regulator has found that 4,000 smaller financial services firms in the country are at heightened risk of failure because of Covid-19. The 1,500 largest financial firms in the UK are regulated by the Prudential Regulation Authority. But the survey of smaller, solo-regulated firms under the FCA’s watch revealed that 17% were operating with “low…

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…

Covid-19 increasing fraud and D&O risk

Covid-19 increasing fraud and D&O risk

Covid-19 increasing fraud and D&O risk

The Covid-19 pandemic has increased the risk of employee fraud and commercial crime, while also raising D&O liability, warned experts from CMS, who outlined potential mitigation strategies. Zaakir Mohamed, head of corporate investigations and forensics at CMS South Africa, said Covid-19 has created heightened fraud risk as individuals and organisations come under pressure. Mr Mohamed said there are three main…

Data breach litigation could be new PPI, warns Clyde & Co

Data breach litigation could be new PPI, warns Clyde & Co

Data breach litigation could be new PPI, warns Clyde & Co

Clyde & Co has warned that cyber litigation from data breaches could be the “new PPI” in the UK during 2021. In a series of predictions for the new year, Clyde & Co’s Seaton Gordon said claims management companies and claimant law firms have been “circling” the potentially lucrative market of group data privacy claims, as legal barriers to individuals…

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…

Firms face 2% turnover fines in revamped NIS Directive as EC lays out new digital regs

Firms face 2% turnover fines in revamped NIS Directive as EC lays out new digital regs

Firms face 2% turnover fines in revamped NIS Directive as EC lays out new digital regs

The EC has proposed a range of new rules to govern the digital economy that would carry huge fines for big tech firms under a new Digital Markets Act, and penalties up to 2% of global turnover for those in other sectors through a revamped NIS Directive. The Digital Markets Act proposes tougher sanctions for social media sites that publish…

D&Os face peak litigation risk in 2021, warns AGCS

D&Os face peak litigation risk in 2021, warns AGCS

D&Os face peak litigation risk in 2021, warns AGCS

Litigation risk facing directors and officers (D&O) has reached a new high with Covid-19 and its economic fallout adding to the growing list of exposures, warns Allianz Global Corporate & Specialty (AGCS) in a new market report. Higher numbers of insolvencies following Covid-19, cybersecurity and environmental, social and corporate governance (ESG) scrutiny are driving an increase in exposures for D&Os,…

Europe set to unveil new rules and 10% turnover fines for large tech firms

Europe set to unveil new rules and 10% turnover fines for large tech firms

Europe set to unveil new rules and 10% turnover fines for large tech firms

Europe is expected to announce new rules today that would impose large fines on tech companies for publishing illegal content or breaching competition rules. An article in AFP said the European Union’s Digital Services Act and Digital Markets Act will propose fines of up to 10% revenue for firms that break the most serious rules, and the power to ban…

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