ICIS is pleased to announce that it has completed an independent audit carried out on its oil price reporting business.
Our report dated 17 October 2013 includes the ICIS response describing its processes and policies governing its assessment of “benchmark” crude oil prices. This is accompanied by the findings of PricewaterhouseCoopers (PwC) who have independently reviewed this response.
“The report is evidence that ICIS has applied all of the principles set out by IOSCO and endorsed by the G20 in 2012,” said Christopher Flook, Managing Director at ICIS.
The principles cover governance, control, integrity and conflict management in relation to commodity benchmark price assessments published by price reporting agencies (PRAs).
ICIS is making the full report available on its website, including detailed descriptions from ICIS of how it has addressed the IOSCO requirements, as well as the independent assurance report from the PwC review.
ICIS is fully committed to the IOSCO process and to guaranteeing that all of its commodity reporting, not just on oil markets, meets the standards required. The independent audit will be performed annually. ICIS is also committed to applying the principles across its entire business, not just for commodities where it is defined by regulatory bodies as publishing a “benchmark” price.
ICIS is the world's largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier,Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. ICIS is a division of Reed Business Information, part of Reed Elsevier Plc.
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