The credit crunch of the late 2000s gave rise to the phrase “new normal”, however, the post Covid world has witnessed even more seismic changes in terms of operational delivery and ensuring that providers’ customers are safe and secure in their properties. UK social housing providers now face an almost daily onslaught of new risks, both from within and outside of their organisations.
There are risks everywhere, but how do we know which ones we need to manage right away? As a highly regulated sector, Boards must not only ensure that they obtain enough assurance that the organisation’s controls are being implemented and that its mitigation plans are sufficient, but also be able to provide proof of it. The Regulator never challenges Boards taking risks, but it does challenge risks that are taken without being fully considered and having recovery plans in place.
The Board’s responsibility for managing risk and assurance is given significant weight by the Regulator during an In-Depth Assessment process. also, as a Board member, you must show that you have thought about risk triggers and clock speeds, how to establish assurance frameworks, and the monitoring and reporting that will be an essential component of the Board’s evidence that it is in control.
WAYS WE CAN SUPPORT
We provide Board Member-specific training on Topics such as Risk & Assurance, where we will go into detail on the necessity of defining risk appetites and clock speeds Participants will also have the chance to think about the risks that their organisations are currently facing and how to handle them. Board members who regularly participate in our training sessions gain from our thorough explanations of the social housing requirements in the UK.The training session is run by Bill Gill, who is a Fellow of the Institute of Internal Auditors and has worked in the sector for over 30 years. Along with his operational experience of delivering audit, risk, and assurance services to providers.
We can also customise these sessions and present them to your entire Board to make sure all your members have a solid understanding of the terminology used and the tools needed to demonstrate risk management and assurance Has been thoroughly considered
We can offer significant advice and support to providers in the areas of Risk and Assurance. We can work with providers to help them develop and improve their risk and assurance frameworks to ensure that they are fit for purpose in the new volatile environment that providers find themselves in.
Contact us or check out the Upcoming training section of our website for more information.