Get ready for UK Corporate Governance Code Changes.
Diligent One offers the clarity you need.
Responding to high profile corporate failures and the loss of trust in business, the 2024 UK Corporate Governance Code seeks to promote greater transparency and long-term business success by providing a framework for best practices in leadership, accountability, stakeholder engagement and risk management.
The latest changes centre on extending board responsibilities for maintaining an effective risk management and internal control framework; an explicit disclosure by Directors as to the effectiveness of material financial, operational, reporting and compliance controls; and a greater focus on reporting board decisions and their outcomes.
Diligent One Platform gives your board the assurance it needs to report effective oversight of internal controls and seamlessly track board decisions and outcomes.
What are the latest changes to the UK Corporate Governance Code?
The latest version of the Code will apply to corporate reporting periods starting from 1 January 2025, with Provision 29 on internal controls coming into effect from 1 January 2026.
Read our article to learn more about:
• The history and purpose of the UK Corporate Governance Code
• New focus on board effectiveness and performance
• Key changes to internal controls oversight and reporting requirements
• Changes to the disclosures of malus and clawback provisions.
The business case for improving internal controls
The UK Corporate Governance Code now obliges boards to report on how they have not only established, but also maintained the effectiveness of their risk management and internal control framework.They must also disclose whether their material controls are effective – operational, compliance and non-financial reporting controls – as well as the traditional suite of controls over financial reporting.Yet, compliance is only a small part of how robust internal controls benefit the business.
Read our article to discover:
- How strong internal controls benefit a range of stakeholders
- How to build a business case for internal controls automation
- Tips for designing an internal controls automation delivery roadmap
Achieve effective GRC and stakeholder engagement amid regulatory uncertainty
Changes to the UK Corporate Governance Code and wider corporate reporting environment can put pressure on your business and governance teams. Watch this webinar delivered in partnership with the ICAEW to find out:
- How to adapt to changes and mitigate uncertainty
- Best practices for GRC management
- How unified GRC platforms can support your organisation to be responsive
- Strategies for building organisational resilience in the face of regulatory change.
Diligent One Platform delivers comprehensive GRC for your business
Gain clarity over every aspect of risk, audit, governance, compliance, and ESG. Diligent’s unified GRC platform delivers insight from advanced analytics, efficiency through complex workflow automation, and compliance through comprehensive visibility and assurance.
Fortify your internal controls and improve compliance
Are resource constraints holding you back when assessing internal controls? Use AI, data automation and prepopulated workflows to simplify your risk and control environment. Quantify risk with live dashboards, ensuring regulatory compliance, expanded coverage and improved efficiencies.
Recommended Reading
The Financial Reporting Council’s (FRC) recent update to the UK Corporate Governance Code
The Financial Reporting Council’s (FRC) recent update to the UK Corporate Governance Code introduces a requirement for companies to make an annual declaration confirming the effectiveness of their internal controls. Premium-listed companies and those following the Code as best practice must comply starting from financial years beginning on or after 1st January 2026. The revised Code mandates reporting on all controls, not just financial ones.
What is audit internal control, and how can you streamline your organisation’s approach?
Internal controls are mechanisms, rules, and procedures that ensure financial integrity, promote accountability, and prevent fraud. Audit internal controls focus on financial reporting, regulatory compliance, and operational efficiency. These are evaluated during audits to assess their effectiveness. Streamline your organization’s approach by automating processes, conducting regular risk assessments, using data analytics, improving documentation, and implementing regular monitoring.
Audit management and internal controls buyer's guide
This guide is your roadmap for an informed shopping experience and successful purchase. Read on for the questions you should ask about key features, including:
✔ Continuous monitoring
✔ Pre-built, automated tasks
✔ Easy integration
✔ Data visualizations and dashboards
✔ Automated detection and prevention
✔ Procedure logging
Download the guide now to discover which questions you should be asking to ensure you’re able to protect your organization from all angles.
Talk to our governance experts
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