Further reading True and Fair Concept - Financial reporting council (FRC) FRC publishes ‘True and Fair’ statement - FRC True and Fair statement published by FRC - ACCA International standards and the true and fair view - ACCA BEIS responds to Sir Donald Brydon’s recommendation to replace ‘true and fair view’ with ‘present fairly, in all material respects’ - ICAS Related pages Fairness 2019 Brydon review

The Turing Test, proposed by Alan Turing in 1950, is a measure of a machine’s ability to present intelligent behavior that indistinguishable from that of a human.

The EU and UK General Data Protection Regulation (GDPR) defines the role of the Data Controller, making them responsible for compliance and risk management under data protection laws. Understanding the data controller concept is essential to understand organisational obligations and to manage data protection legal risk. Defining the Data Controller A Data Controller is an entity (natural or legal person, public authority, agency, or other body) that determines the purposes and means of processing personal data. Simply put, they decide why and how personal data is used. ...

A Risk Universe is a comprehensive list of potential events that could impact an organisation’s ability to achieve its goals and objectives. It provides a structured way to identify, assess and prioritise risks - serving as the foundation for frameworks like the risk register, risk appetite statement and audit planning. Risk Universes are typically maintained by Risk or Enterprise Risk Management (ERM) teams and are essential for driving consistency in how risks are recorded, communicated and mitigated across the business. ...

Monte Carlo is a method that uses repeated random sampling to model a range of possible outcomes and their probabilities, especially useful when there is significant uncertainty about the result. The name Monte Carlo was inspired by the famous casinos of Monte Carlo, reflecting the role of chance in the method. In risk assessment, Monte Carlo methods use repeated random sampling to model the impact of uncertainty, generating a probability distribution of potential losses or gains that can be used to quantify risk, including Value at Risk or expected shortfall. ...