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High-risk building regulations kick in
Construction businesses must begin complying with transitional arrangements set up by the new Building Safety Regulator (BSR). While the rules have been in force for new builds since October last year, the transitional rules for existing projects begin in April 2024. Under regulations brought in under the Building Safety Act of 2022, those responsible for building, financing and…
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Retailers expect physical stores to stay – and even grow
Retailers have had a torrid time over the past four years – with many having to rapidly roll out online-only services during the pandemic. While there will be a continuing focus on developing technology-based services, physical stores seem here to stay, according to a recent survey. “Despite the many challenges, our respondents were broadly positive…
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EU supply chain rules hit rocky waters
Rules intended to embed environmental, governance and social requirements into EU-based companies’ supply chains have struggled to gain acceptance. German and Italian officials recently failed to back measures under the European Commission’s Corporate sustainability and due diligence initiative, which would have required greater scrutiny of corporate supply chains. In a revised version of the rules, only companies…
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Employers must protect staff going through menopause
Employers must support female employees suffering from the debilitating effects of the menopause or face potential legal action, according to the Equality and Human Rights Commission (EHRC). Measures could include providing rest areas, offering flexible working conditions and relaxing rules around uniforms. The menopause marks the end of a woman’s menstrual cycle and can be…
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Market transparency rules begin soon for investors
Investors are to have access to better, up-to-date information as new rules simplifying access to market data come in to force shortly, according to the European Council. Changes to the European Union’s (EU) trading rules will establish so-called “consolidated tapes” that will centralise data feeds for different kinds of assets. That will bring together data…
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UK Government rules out blanket AI regulation
The UK government has backed an approach to regulating AI that is “context-based” and has rejected creating “unnecessary blanket rules” that apply to the technology in general, according to its response to consultation in its AI Regulation White Paper. In practice, the industry will continue to regulate AI on a sector-based approach. The government said that…
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Boards’ responsibility for risk management enhanced
While the Financial Reporting Council’s (FRC) revised UK Corporate Governance Code is not as wide-ranging as originally expected, it has significantly increased boards’ responsibility for risk management oversight. In addition, the code now requires governance reporting to focus on board decisions and outcomes in the context of an organisation’s strategy and objectives. Reporting on corporate culture and…
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Choppy waters ahead for supply chains
The volume of cargo containers passing through the Red Sea plummeted in December 2023, following attacks on vessels by the Houthi. The Kiel Institute said that traffic currently stands at almost 70 per cent below expected trends. “As a result, freight costs and transportation time in goods traffic between East Asia and Europe have risen and imports…
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Cyber threat and business interruption loom large in 2024
Cyber threat is the top ranking business risk followed by business interruption, according to the annual Allianz risk barometer. Physical risks also feature prominently, including natural catastrophes, fire and explosion, and climate change. “Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts testing the resilience of supply chains and…
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Misinformation tops global risk outlook
Misinformation and disinformation ranked as the biggest threat for the coming two years, according to the World Economic Forum’s annual survey. As around half of the world’s population go to the electoral polls during that time, the report suggested that the widespread occurrence of misinformation could undermine the legitimacy of any newly-elected governments. That could potentially…
