My contacts who have related to risk management as a business practice are mostly affiliated with companies based in the United Kingdom. Of interest is a requirement called the "Internal Control Guidance for Directors on the Combined Code." This is sometimes referred to as the "Turnbull Guidance" after the chairman of the working party that developed the risk management guidance. It can be found at www.icaew.co.uk/internalcontrol.

This guidance calls for all companies listed on the London Stock Exchange to have implemented a pervasive risk management plan for their businesses. While it leaves the details of the implementation open to the company, it requires that a plan be put in place and actively managed.

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