Spira and Page (2003) state that in the UK a further influence upon the development of risk management systems has been the internal control and risk management disclosure requirements of the Combined Code of Best Practice in Corporate Governance produced by the Turnbull Committee. This has led some to question if too great an emphasis is now being placed upon risk management (for example Hunt, 2003).
One facet of the risk debates relates to the communication of risk information by companies to stakeholders. Schrand and Elliott (1998) document American Accounting Association/Financial Accounting Standards Board (AAA/FASB) 1997 conference debates that suggested US companies were providing insufficient risk information within their annual reports. The Institute of Chartered Accountants in England and Wales (ICAEW) also noted this risk information gap and issued three discussion documents (1998, 1999
and 2002) encouraging UK company directors to report upon risks in greater depth.