Whistle-blowing and anti-fraud policies in place. Annual audit. Fin Cont provided by Your Right Hand. Financial Management Handbook in place, reviewed by auditor Sayer Vincent. Failure to meet HMRC 1 3 6 Financial policy and procedures provided by Fin CE tax and VAT Cont and Auditors, with FIC support. Annual requirements report from Fin Cont, FIC and appointed auditors on services provided. 1 2 4 Grant drawdown monitored via 3-monthly CE management accounts, including cash flow forecast, and coordination with Grants Committee Inadequate budgetary 1 2 4 Budget is monitored through 3-monthly CE control management accounts, which provide visibility of cash flow, investment income, and grant expenditure, through Xero financial system, with quarterly reporting to the Board through the FIC. Inadequate financial 1 3 6 Fin Cont provided by Your Right Hand. CE management Negative return on plan 2 4 12 Quarterly report to Board on investment 5 year formal review of investment strategy CE for investments performance and 6-monthly meetings with both aligned to portfolio and manager performance investment managers. due Spring 2017 Maintain investment expertise on FIC Develop a control that flags when expected Investment expertise through YRH returns on which planned spend has been based is less than anticipated. Risk reviewed by FIC on Oct 15. Governance (through GC) Unexpected loss of key 1 3 6 Deputy Chairman role created To be discussed regularly at GC meetings and to be CE people such as Chairman Informal arrangement with Alium for exposure at Board meetings. or CE Interim CE at 48 hours’ notice Board continuity and 1 3 6 Directors selected for experience and Standing item for GC meetings and to be reported at CE skills knowledge relevant to FIMT needs Board meetings biannually, including Chairman succession.
Whistle-blowing and anti-fraud policies in place. Annual audit. Fin Cont provided by Your Right Hand. Financial Management Handbook in place, reviewed by auditor Sayer Vincent. Failure to meet HMRC tax and VAT requirements 1 3 6 Financial policy and procedures provided by Fin Cont and Auditors, with FIC support. Annual report from Fin Cont, FIC and appointed auditors on services provided. CE 1 2 4 Grant drawdown monitored via 3-monthly management accounts, including cash flow forecast, and coordination with Grants Committee CE Inadequate budgetary control 1 2 4 Budget is monitored through 3-monthly management accounts, which provide visibility of cash flow, investment income, and grant expenditure, through Xero financial system, with quarterly reporting to the Board through the FIC. CE Inadequate financial management 1 3 6 Fin Cont provided by Your Right Hand. CE Negative return on plan for investments 2 4 12 Quarterly report to Board on investment performance and 6-monthly meetings with both investment managers. Maintain investment expertise on FIC Investment expertise through YRH 5 year formal review of investment strategy aligned to portfolio and manager performance due Spring 2017 Develop a control that flags when expected returns on which planned spend has been based is less than anticipated. Risk reviewed by FIC on Oct 15. CE Governance (through GC) Unexpected loss of key people such as Chairman or CE 1 3 6 Deputy Chairman role created Informal arrangement with Alium for Interim CE at 48 hours’ notice To be discussed regularly at GC meetings and to be exposure at Board meetings. CE Board continuity and skills 1 3 6 Directors selected for experience and knowledge relevant to FIMT needs Standing item for GC meetings and to be reported at Board meetings biannually, including Chairman succession. CE
20160215-Risk-Register-v16-1.docx