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PRMIA 8020 Exam - Topic 7 Question 7 Discussion
Topic #: 7
For which of the following reasons did the Turnbull Report have a significant impact on risk governance?
Step 1: What Is the Turnbull Report?
The Turnbull Report (1999) was a UK corporate governance report that set risk management expectations for boards.
It required companies to assess and manage risks effectively as part of corporate governance.
Step 2: Why Option C is Correct
Turnbull was the first report to mandate that boards must consider risk management in corporate governance.
This report established risk assessment as a board-level responsibility.
Step 3: Why the Other Options Are Incorrect
Option A ('Defined risk governance for insurance') Incorrect because Turnbull applied to all sectors, not just insurance.
Option B ('First report to propose board structure') Incorrect because corporate boards existed long before Turnbull.
Option D ('Led to the US Federal Reserve') Incorrect because the Federal Reserve was established in 1913, long before Turnbull.
PRMIA Risk Reference Used:
PRMIA Corporate Governance Guidelines -- Highlights Turnbull's role in board-level risk oversight.
UK Corporate Governance Code -- Turnbull contributed to defining board risk responsibilities.
Final Conclusion:
The Turnbull Report was the first to require boards to consider risks in corporate governance, making Option C the correct answer.
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