The Chartered IIA and ISACA have urged the UK secretary of state for business and trade, Jonathan Reynolds, to urgently consider audit reform legislation to boost digital resilience. The two groups are calling for the rapid implementation of recommendations made by John Kingman in 2018 and Donald Brydon in 2019, including legislating to give the Financial Reporting Council enhanced powers.

Chaucer has launched a standalone third-party liability insurance product designed to address the evolving liability risks arising from AI system underperformance. Developed in collaboration with Armilla AI, the product is available to US insureds with global territorial limits, with the binder led by Chaucer. It will cover hallucinations, model drift, mechanical failures and other deviations from expected AI behaviour, and legal defence and liability protection for claims arising from such underperformance.

Members of the Net-Zero Banking Alliance voted overwhelmingly today to loosen climate obligations, following a year-long strategic review of the UN-backed global initiative. The changes adopted by NZBA are a response to a changed external landscape, it said – one in which many of its 129 member banks are subject to “significant new external climate reporting requirements”.

Nat cats and unmodelled extreme weather risks are emerging as a defining challenge for renewable energy markets worldwide, according to sector specialists at GCube. The insurer warns that the long-term viability of clean energy projects may be at risk as the industry scales.

The UK Government has this week launched a new Code of Practice outlining standards for cyber governance, with the goal of improving cyber security in medium-sized and large organisations. The Cyber Governance Code of Practice sets out the most critical governance actions for which directors are responsible, rather than serving as guidance for those managing cyber security on a day-to-day basis.

FERMA has announced that Typhaine Beaupérin will step down from her roles as CEO and secretary-general of the federation in June. She took up the post of CEO in 2015 and became secretary general in 2019. FERMA said she had significantly enhanced its voice within EU institutions and elevated the profile of the risk management profession. It said a new CEO and secretary general would be announced in due course.