From 1 January 2026, Boards are expected to either comply or explain the effectiveness of their material controls across financial, operational, compliance and reporting risks.
Much of the discussion has understandably focused on assurance frameworks, controls testing and audit readiness.
But what if the biggest risk isn’t the controls?
What if it’s the Board’s ability to collectively interpret, challenge and act on the information those controls provide?
The revised UK Corporate Governance Code places significant responsibility on Boards to determine what is material, assess effectiveness and provide stakeholders with confidence in their governance.
That requires more than technical expertise.
It requires:
✅ Constructive challenge without damaging relationships
✅ The ability to identify emerging risks before they appear on a dashboard
✅ Strong collaboration between Executive and Non-Executive Directors
✅ Confidence to address difficult conversations and uncomfortable truths
✅ Oversight of people, culture and behavioural risks, not just financial controls
Too often, Boards rely heavily on Audit Committees to provide assurance. Yet assurance is only as effective as the quality of discussion, judgement and decision-making taking place around the Board table.
The strongest Boards will not be those with the thickest governance manuals.
They will be those that operate as high-performing leadership teams.
At Cognitions, we help Boards strengthen their collective capability through our Performance Pentagram approach:
🔍 Analyse Team Diagnostics
🐘 Deal with the Elephants in the Room
🤝 Collaborative Focus on System Opportunity
📈 Identify Leadership Potential
🎯 Executive Coaching & Development
Because Provision 29 ultimately raises a fundamental question:
Are your controls effective because they exist, or because your Board has the capability to govern them effectively?
As organisations prepare for their first reporting cycle, perhaps the most important question for Board Chairs is not:
“Are our controls ready?”
But rather:
“Is our Board ready?”
#BoardLeadership #Governance #Provision29 #SarbanesOxley #BoardEffectiveness #RiskManagement #BoardDevelopment #NonExecutiveDirectors #Leadership