Quite likely. A flag is a kind of iris, and I'm sure the cornet at Common Ridings carries a standard of some sort.
(Difficult to say without seeing the picture!)
Yes,Flyhalf - the Standard Bearer carries the flag and does a wonderful job of waving it to commemorate the return to Selkirk after Flodden by a survivor, who 'cast it about his head', thus the ceremonial casting by the Standard Bearer -Thanks for agreeing with my question - from an exiled Border Bairn