LONDON, October 17, 2017 /PRNewswire/ --
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 45 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.
ICIS is the world's largest petrochemical market information provider, with divisions spanning energy and fertilizers. Our aim is to give companies in global commodities markets a competitive advantage by delivering valuable information and analytics tools which enable our customers to identify and react to opportunities in markets which are constantly evolving. We have more than 30 years' experience of providing pricing intelligence and news, forecast data, market analytics and independent consulting to buyers, sellers and analysts.
With a global staff of more than 600, ICIS has employees based in London, Houston, New York, Singapore, Dubai, Shanghai, Guangzhou, Beijing, Mumbai, Tokyo, Karlsruhe, and Milan. ICIS' team of journalists is engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
About Reed Business Information
Reed Business Information provides information, analytics and data to business professionals worldwide. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group, a global provider of information and analytics for professional customers across industries.
About RELX Group
RELX Group is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. £33.3bn, €37.3bn, $44.0bn.
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