Risk Description Current Controls Assurances Action By Whom Comment Risk End (Include DATE ADDED) Date L I S Rate 4. BSO will face the 4 4 16 High Policies & Procedures; SMT monitoring; SMT oversight of Directors Teams continue to risk of legal Service Risk Register - Risk reporting & actions to reduce address. challenge and/or Risk Action Plan; review; aged invoices. December financial loss under Corporate Scorecard to 2015 new legislation, the Invoice Backlog Team monthly. Prompt payment Late Payment of operational from 1st figures improved Commercial Debt May. across HSC in April Regulation 2013, 2015 with an average which requires 30 Review of existing of 92% paid within 30 day payment of payment procedures. working days. May supplier invoices. 2015 average across HSC remained at 92%, Risk Owner June 2015 average All Directors was 91.8% and July 2015 average at 90.68%. August 2015 average was 90.61% Type of risk: and September Political, Economic, 90.02%. Legislative / Statutory, Initiatives including Financial, Legal, Self-Bill and Cloud Performance Invoicing are being management , implemented by the Customer/Citizen & Benefits Realisation Project which will improve Prompt Payments. Risk Added: 12.06.13 Corporate Objective No 2: To Grow our Services and Customer Base
Risk Description (Include DATE ADDED) Current Risk Controls Assurances Action By Whom End Date Comment L I S Rate 4. BSO will face the risk of legal challenge and/or financial loss under new legislation, the Late Payment of Commercial Debt Regulation 2013, which requires 30 day payment of supplier invoices. Risk Owner All Directors Type of risk: Political, Economic, Legislative / Statutory, Financial, Legal, Performance management , Customer/Citizen & Risk Added: 12.06.13 4 4 16 High Policies & Procedures; Service Risk Register - Risk Action Plan; Invoice Backlog Team operational from 1st May. Review of existing payment procedures. SMT monitoring; Risk reporting & review; Corporate Scorecard to monthly. SMT oversight of actions to reduce aged invoices. Directors December 2015 Teams continue to address. Prompt payment figures improved across HSC in April 2015 with an average of 92% paid within 30 working days. May 2015 average across HSC remained at 92%, June 2015 average was 91.8% and July 2015 average at 90.68%. August 2015 average was 90.61% and September 90.02%. Initiatives including Self-Bill and Cloud Invoicing are being implemented by the Benefits Realisation Project which will improve Prompt Payments. Corporate Objective No 2: To Grow our Services and Customer Base
Corporate_RA_Report_Oct_2015.docx