LONDON, November 5, 2018 /PRNewswire/ --
ICIS, the world's largest petrochemical market information provider, today announced that the independent assurance review of its price reporting business has been successfully completed for the sixth 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.
"ICIS has provided pricing intelligence for over three decades and is fully committed to maintaining the highest standards when producing market reports. We have strong benchmark positions which are trusted and relied upon in markets we operate around the globe, for which we must ensure truthful, honest and unbiased reporting," said Rob Kolkman, Managing Director of ICIS.
"I am delighted that ICIS' continued commitment and hard work is reflected by our successful completion of the IOSCO Commodity PRA assurance review for the sixth year," 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 to provide Reasonable and Limited Assurance conclusions.
"We will continue to actively demonstrate consistently high standards 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 added.
Find out more about ICIS benchmarks
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's 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.
ICIS is a division of Reed Business Information, part of RELX Group.
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 about 30,000 people of whom almost half are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX. The market capitalisation is approximately £30.2bn, €34.5bn, $39.3bn.
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