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Our customers, Board members, staff and stakeholders all have a right to expect robust management of our business so we can provide the high-quality homes and services our customers deserve.
Our governance team is dedicated to ensuring our management processes are sound and our risks are well controlled; they ensure we comply with all relevant regulations and legislation. We do this through internal auditing and risk management.
Internal audit is an independent assessment of our systems and procedures which identifies how effective our internal systems and controls are, and how well staff across the whole organisation comply with them. Each audit makes recommendations on how management controls can be improved.
The service is provided by Mazars, a leading accountancy firm that specialises in audit, accountancy, tax and advisory services. Mazars reports to the Internal Audit Manager and the Group's Audit and Risk Committee, an important sub-committee of the Board. An internal audit plan and a specified audit timetable is agreed by the Audit and Risk Committee each year.
We identify risks that might prevent us from meeting our business plan and then manage these through controls. Controls are actions or procedures performed to help ensure we meet the company’s objectives, and to try to prevent the risk from materialising. Periodically these controls are vetted to ensure they are always functioning effectively.
Each of our functions maintains a risk register and regularly reviews the identified risks to ensure they are current and well managed. Periodically, the top risks and associated controls are also appraised by the Audit and Risk Committee (quarterly) and the Group Board (at least annually).
Our approach to managing risk can be summed up as being pragmatic, measured and relatively non-bureaucratic. The outcomes we seek are personal safety, financial security and an efficient professional business delivering good quality homes and services to our residents.