ICR assessments are repeated every three years. Between cycles, there is a light-touch review of the progress the agency is making towards improving key aspects of its investment performance.
The main feature of the approach is a discussion between the agency and the corporate centre and the timely exchange of information. This includes a letter from the agency sponsor outlining its progress across all elements of the ICR, corporate centre commentary on the agency’s system performance and other supporting information.
More information can be found in the Outlook Discussion Guidance.