Step 1: What Is the Turnbull Report?

The Turnbull Report (1999) was a UK corporate governance report that set risk management

expectations for boards.

It required companies to assess and manage risks effectively as part of corporate governance.

Step 2: Why Option C is Correct

Turnbull was the first report to mandate that boards must consider risk management in corporate

governance.

This report established risk assessment as a board-level responsibility.

Step 3: Why the Other Options Are Incorrect

Option A ("Defined risk governance for insurance") → Incorrect because Turnbull applied to all

sectors, not just insurance.

Option B ("First report to propose board structure") → Incorrect because corporate boards existed

long before Turnbull.

Option D ("Led to the US Federal Reserve") → Incorrect because the Federal Reserve was established

in 1913, long before Turnbull.

PRMIA Risk Reference Used:

PRMIA Corporate Governance Guidelines – Highlights Turnbull's role in board-level risk oversight.

UK Corporate Governance Code – Turnbull contributed to defining board risk responsibilities.

Final Conclusion:

The Turnbull Report was the first to require boards to consider risks in corporate governance, making

Option C the correct answer.

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