The collapse of Enron and WorldCom has focused increased attention on the importance of corporate governance, with governments, company shareholders and stakeholders and the media calling for the application of greater authority to the way that company directors effect and manage risk controls. In the UK, this has taken the form of expanded compliance with the Turnbull and the Higgs reports on corporate governance, both of which provide practical guidelines for company directors when assessing business risks and managing and implementing controls.