About the FRC
The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. The FRC is the UK Competent Authority for audit. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work, and influence the development of international standards. We also monitor and take action to promote the quality of corporate reporting and audit and operate independent enforcement arrangements for auditors, accountants and actuaries. Further information about our role can be found at www.frc.org.uk.
Following the publication of the Independent Reviews by Sir John Kingman, the Competition and Markets Authority and Sir Donald Brydon, the FRC is going through a period of significant change as we increase our skills and capacity to deliver on an ambitious extended remit, in advance of the creation of the new regulator.
The FRC has adopted a governance structure designed to maximise its effectiveness and responsiveness, through an ‘Executive Led’ approach. The Board is supported in its oversight of work and decision-making by three Board Committees: Regulatory Standards and Codes, Conduct and Supervision. In addition, the Executive and the Board Committees are assisted by Senior Advisors and an Advisory Panel formed of subject matter experts.
The Members of the Advisory Panel are called on to provide expert advice across the breadth of the FRC’s activities. This includes:
- Input to the development and maintenance of technical regulatory standards, codes and guidance.
- Providing expert advice in relation to the FRC’s work on corporate reporting, corporate governance and stewardship, auditing, actuarial work, audit firm supervision, audit market supervision, audit quality review and oversight of professional bodies.
- Providing advice to the FRC’s Systems Leadership on local audit matters regarding local government and NHS.
- Providing advice to the Enforcement Division on case matters.
- Providing advice on regulation and public interest.
- Providing advice on the emerging issues affecting the regulatory landscape, including the use of new technologies.
The FRC is currently looking to recruit new Advisory Panel Members in the following area:
- With significant practical actuarial experience in investment within the sectors of pensions and insurers.
- With significant technical actuarial expertise in healthcare. With significant experience in application of Artificial Intelligence in particular Machine Learning in actuarial work.
With significant experience in application of actuarial techniques in climate related issues. Regardless of subject matter expertise, all Members of the Advisory Panel will bring:
- Experience as senior executive with strong financial or other business background.
- An understanding of the principles underpinning the Regulators’ Code.
- Strong ethics that are aligned closely with the FRC’s Values and Behaviours.
- Strong intellectual qualities and sound judgement with ability to analyse and develop solutions to a range of strategic and technical questions and assess what will work best for the success of continued growth of the UK economy and confidence on the part of shareholders, employees, investors and wider public.
- An ability to demonstrate significant credibility in their subject matter area to stakeholders.
- Extensive knowledge and understanding of the associated challenges in relation to their subject matter area; and Experience in navigating uncertainty and managing competing views.
Terms and conditions
The Advisory Panel Members will be engaged to provide advice either as an individual or as part of a working group on an ad hoc basis. Exact time commitments will vary by Panel Member subject to the particular Panel Member’s area of expertise and the business needs of the FRC.
Advisory Panel Members will receive a daily rate of £500 for 7 hours of work. Claims will be paid based on an hourly rate and subject to tax. The number of hours will be agreed with Members in advance.
All Advisory Panel Members are expected to demonstrate the FRC’s Values and Behaviours and adhere to the FRC’s Code of Conduct.
Advisory Panel Members are required to declare their financial and non-financial interests on appointment and thereafter declare any conflicts of interest with their work at the FRC.
The role can be undertaken remotely, however, attendance at occasional meetings in London will be necessary.
How to apply
If you are interested in learning more about the role, or for any queries, please contact the governance team at email@example.com
To apply, please submit your CV and covering letter explaining which number position(s) (1-7) you are applying for, why you are interested in the appointment and how you meet the candidate requirements detailed above. Should the application proceed to the final stage, candidates will be asked to provide details of two referees.
The closing date for application is 23.55hrs on 20 February 2023 and interviews will take place in March 2023.
The FRC values and promotes diversity and inclusion and is committed to equality of opportunity for all. Appointments are made on merit. We believe that the best organisations are those that reflect the communities they serve. We very much welcome applications from women, those with disabilities and from people from black, Asian and minority ethnic communities, who we know are under-represented in non-executive roles.