Technology & Digital Hub

Published: 25 September 2023

4 minute read


Technology, and its use in the areas for which the FRC has regulatory responsibility, is increasingly at the forefront of discussions between regulators, standard setters, practitioners, and wider stakeholders. The FRC Technology & Digital Hub provides an overview of the FRC's work in this area, including how that work fits into the wider FRC strategy, links to our publications and information on how you can get involved in our work.

FRC 2023/24 technology priorities

The technological landscape is rapidly evolving, with new innovations occurring frequently. Whilst many emerging technologies are thought provoking, and we are open minded as to many technologies’ potential, not all are relevant to our regulatory remit. It is thus important that the FRC focuses its strategy and approach on those key technologies with the greatest potential for improved regulatory outcomes.

Guidance should be focused on need. Innovation is a positive force, but guidance and publications must be reflective of demand from stakeholders and ensure that we utilise the FRC’s resources in an appropriate manner, consistent with our public interest objectives.

When considering technology and digital priorities, we always have regard for the FRC's core objectives. Technology and digital can impact upon any of the FRC's five core objectives, though the largest impact will likely be on the second:

“To promote improvements and innovation in the areas for which we are responsible, exploring good practice with a wide range of stakeholders.”

With these principles in mind, we have undertaken a process for prioritising the FRC's work on technology and digital, following the steps laid out in our principles and approach, and illustrated below are the key areas of focus for the FRC. We have divided the topics into four quadrants:

A diagram showing the principles in four quadrants. Each quadrant is descibed in the following text.

Topics in the high impact/high relevance quadrant

Lead priority: Significant impact and high relevance to regulated area/users

  • Digital Reporting (inc ESG) & Tagging
  • 3rd Party Providers
  • Professional Ethics & Technology
  • Data Analytics
  • RSB's Use of Tech
  • RSB / RQB Syllabus

Topics in the high impact/low relevance quadrant

Medium priority: Significant impact or high relevance to regulated area/users

  • ML Use By Auditors
  • Assurance of ML/AI
  • Audit of ML Produced Transactions

Topics in the low impact/high relevance quadrant

Medium priority: Significant impact or high relevance to regulated area/users

  • Tech Impact on Competition
  • Firm Reliance on Cloud

Topics in the low impact/low relevance quadrant

Monitor/Influence: Medium impact and/or relevance to regulated area/users

  • Crypto
  • Blockchain
  • Alternative Presentation Methods

Quadrants legend

  • Lead priority: Significant impact and high relevance to regulated area/users
  • Medium priority: Significant impact or high relevance to regulated area/users
  • Monitor/Influence: Medium impact and/or relevance to regulated area/users

Lead priorities

For those topics identified as lead priorities, the FRC will, and in many cases already is, actively developing standards, policies and guidance. These are the areas which have the greatest impact upon the areas within our regulatory remit and the greatest potential for improved regulatory outcomes.

Medium priorities

Those topics identified as medium priorities are of great interest to the FRC, but are technologies which may be more forward looking, or that do not currently appear to have significant potential for improved regulatory outcomes. These technologies may also be those which have great potential for improved regulatory outcomes but are not yet commonly deployed in practice. An example of that is the use of machine learning by auditors, which the FRC believes has great potential. As such, we are considering the active development of policies and guidance which promote the use of these tools.


Topics which fall into the monitoring/influencing category are those with some impact upon our regulated community and with some potential to improve regulatory outcomes but are either at a very early developmental stage or their potential is as yet unclear. These topics will be monitored, but the FRC will not be actively developing guidance or policies in relation to these topics.

Our principles & approach

We will serve the public interest, promoting quality and its enhancement through the effective use of technology, by developing our strategy and workplan with a focus on the following key principles:

Principles orientated

Our standards are principles based, with sufficient flexibility to allow for innovation. Our focus is on guidance and publications which helps give those we regulate the confidence to make the best use of technology.

Quality focused

Our focus is on the technologies most likely to enhance quality in financial reporting, governance, audit and assurance and actuarial work.

Outreach led

Our work should always meet the needs of our stakeholders, a focus on outreach allows us to respond to the most pressing issues in the market.


Our work is focused where we are able to make a positive contribution, we do not need to comment on all issues pertaining to the use of technology.

We have developed and undertaken a process to effectively determine the FRC's priorities, ensuring that we devote our resources to those technology and digital projects most likely to help us achieve our objectives.

We have:

  • Created a complete list of the current and planned FRC Technology & Digital group and projects
  • Developed a forward-looking understanding of the technology and digital topics our key stakeholders view as important to the FRC's work
  • Using the approach described in the next slide, determined the key areas of focus for the FRC in respect of technology and digital, grouped into lead priorities, medium priorities, monitoring and not a current priority
  • Begun the process to prioritise and rationalise the FRC's technology and digital projects and develop a detailed forward work plan designed to allow the FRC to fully meet its technology & digital objectives



Getting involved

We are currently running a survey to gather stakeholder views on the FRC’s priorities, our work and your views on the use of technology in areas under our regulatory remit.

If you would like to engage further with the FRC on this topic, please get in touch using our dedicated email address: [email protected]