ICIS meets IOSCO’s PRA Principles for the fifth year in a row
17 October 2017 – ICIS, the leading provider of global petrochemical market intelligence, today announced that the independent assurance review of its price reporting business has been successfully completed for the fifth year running.
The Price Reporting Agency (PRA) principles are set out by the International Organization of Securities Commissions (IOSCO) to ensure that commodity benchmark price reporting meets the highest standards.
The principles are not limited to oil markets or commodities defined by regulatory bodies, and therefore ICIS has voluntarily expanded the assurance scope to include a total of 43 additional commodity price benchmarks. This represents ICIS’ commitment to undertaking both reasonable and limited assurance reviews on a cross section of its global benchmarks, including petrochemicals, fertilizers, LNG and European gas, as well as the NBP and TTF Day-ahead and weekend assessments.
“Price reporting is at the heart of our day-to-day business and we have strong benchmark positions which are trusted and relied upon by market participants around the globe. I am delighted that the ICIS team’s continued commitment and hard work is reflected by our successful completion of the IOSCO Commodity PRA assurance review for the fifth year running,” said Rob Kolkman, Managing Director of ICIS.
“Completing this audit is a great achievement, particularly as we have chosen to widen the scope of assessments to cover both the global and the China IOSCO assurance report,” Kolkman said.
The areas assured by PricewaterhouseCoopers (PwC) include governance structures, controls, maintenance of editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments.
A full report detailing how ICIS has met and satisfied the IOSCO PRA Principles can be found here.
This is accompanied by PwC’s findings following an independent review of ICIS processes and policies in order to provide Reasonable and Limited Assurance conclusions.
“We will continue to be at the heart of the chemical, energy and fertilizer markets and actively demonstrate the consistently high standards we deliver across our business. Our customers and wider stakeholders can also continue to have complete confidence in our internal controls, price calculations and robust formation processes,” Kolkman said.
To Access the report click below:
Click here for the ICIS Audit Report 2017