A simple way to comply
with new corporate
governance rules

Our comprehensive checklist created from the Financial Reporting Council’s licensed publication and combined with best practice material includes over 200 corporate governance safeguards.

What are the new corporate governance rules?

The Financial Reporting Council’s new Corporate Governance Code will be introduced on 1st January 2019. All companies with a premium listing of equity shares in the UK are required to explain in their annual report and accounts how they have applied the Code. They must also confirm that they have adhered to the Code’s provisions, or provide an explanation where they have not.

How can Solvassure help?

Solvassure’s cloud based technology helps organisations comply with the new Corporate Governance Code, reducing the cost of assurance activities and lending traceability to accountable managers. It achieves this by sending out pre-defined checks to activity owners from a rules library which is licensed by the FRC, presenting exceptions to nominated stakeholders in real time.

Solution features

Regulatory checklist

Manage corporate governance effectively using systematic controls and regulatory material licensed from the Financial Reporting Council.

  • Board leadership and company purpose
  • Division of responsibilities
  • Composition, succession and evaluation
  • Audit, risk and internal control.

Resource accountability

Speed up the process of chasing critical information and make sure the right person is doing the right thing at the right time.

  • Digital acceptance of roles and responsibilities
  • Drag and drop reporting hierarchy
  • Management responsibilities map
  • Handover certificates for incoming replacements
  • Operational monitoring with historical evidence.

Compliance controls

Lower the cost of assurance infrastructure with fully automated activity checking and improve visibility with real time exceptions.

  • Embedded access to published FRC regulations
  • Calendar based audit activities
  • Board and committee governance
  • Whistleblowing function to report breaches
  • Notifications suite for user communication
  • Data import from external systems
  • Easy integration of new compliance packs.

Project assurance

Ensure implementation is managed comprehensively using PRINCE2 best practice material from Axelos (a joint venture between the UK Government and Capita).

  • Establish executive board and control mechanisms
  • Assign key project roles and define responsibilities
  • Raise and authorise core documentation
  • Initiate and monitor workstream activities
  • Check deliverables and recover exceptions
  • Handover to business-as-usual.

Environment hosting

Our software as a service solution provides a single source of information twenty four seven and lowers compliance expenditure with cost effective pricing.

  • Secure cloud based platform
  • Data centre conforms to ISO27001
  • Smartphone app with location marking
  • Business hours helpdesk.

What are the key principles?

An effective board defines the company’s purpose and then sets a strategy to deliver it, underpinned by the values and behaviours that shape its culture and the way it conducts its business.

The board, supported by the company secretary, should ensure that it has the policies, processes, information, time and resources it needs in order to function effectively and efficiently.

Appointments to the board should be a formal, rigorous and transparent procedure to ensure that members with a combination of skills, experience and knowledge continue to contribute effectively.

The board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of risk management and audit functions.

Executive remuneration should be aligned to company purpose and values, and be clearly linked to the successful delivery of the company’s long-term strategy.

Where is our material licensed from?

The Financial Reporting Council’s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.

Solvassure. Compliance Technology.