This Practice Note aims to provide guidance on the formulation of management responses and action plans by putting forward “suggested features”. In doing so, the Note seeks to answer the following questions: Who should formulate management responses and action plans? When should management responses and action plans be formulated? And how should management responses and action plans be formulated?
This Practice Note does not attempt to comprehensively treat the issues raised by these questions, nor set out agreed standards. The Note is intended rather to provide ECG members with observations and guidance that they may find useful for the entities within their respective organisations responsible for formulating their own management responses and action plans2. In addition, an indicative checklist for the formulation management responses and action plans is provided in Annex 1.