Twentieth Report - Monitoring and responding to companies in distress
Select Committee
Public Accounts Committee
HC 425
13 March 2024
Recommendations
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Conclusions (1) Observations and findings — click to expand
5
Conclusion
Rejected
The Cabinet Office has not assessed or coherently identified the skills and expertise needed for monitoring and responding to companies in distress. We have previously raised concerns about the level of commercial, risk management and corporate finance expertise in government amid increasing demand for these skills, all of which are …
Government Response Summary
The government rejects setting new functional standards, stating existing guidance and risk management strategies suffice. Instead, the Cabinet Office Commercial Function will collaborate with the Risk Centre of Excellence, UKGI, and HM Treasury to explore a more targeted approach for developing necessary skills across government.