HAT/POL/FIN/05
Issue 1
Sept-2013
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Hartlepool Aspire Trust
(Catcote Academy & Catcote Futures)
Risk Management Policy
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HAT/POL/FIN/05
Issue 1
Sept-2013
Page 2 of 6
Hartlepool Aspire Trust
(Catcote Academy & Catcote Futures)
Risk Management Policy
Originator: Graham Jones
Date: Sept-2013
Reviewer Academy Project Team
Date: Sept-2013
Approver: Board of Directors
Date: Sept-2013
Issue
1
AMENDMENT
First Issue
IMPACT LEVEL
DATE
Significant
Sept-2013
© Hartlepool Aspire Trust, 2013.
Hartlepool Aspire Trust, C/O Catcote Academy, Catcote Road, Hartlepool, TS25 4EZ
This document is licensed under a Creative Commons Attribution-Share Alike 2.0 UK: England & Wales Licence.
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HAT/POL/FIN/05
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Table of Contents
1 Purpose ........................................................................................................................ 4
2 Scope ........................................................................................................................... 4
3 Key Principles ............................................................................................................... 4
4 Rationale ...................................................................................................................... 4
5 Policy ............................................................................................................................ 4
6 Review Period .............................................................................................................. 5
7 Definitions / Abbreviations ............................................................................................ 5
8 Records ........................................................................................................................ 5
9 References ................................................................................................................... 5
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1
Purpose
The purpose of this policy is to outline the Trust’s risk management strategy.
The Trust sets out strategic and business objectives as identified in the Management
System Manual [2]. Risk management is the discipline by which risks that threaten the
achievement of those objectives are identified and managed as part of the ongoing
monitoring and planning processes.
“Risk” is used in this policy and procedure to describe the uncertainty surrounding events
and their outcomes that might have a significant effect, either enhancing or inhibiting:
•
operational performance;
•
achievement of aims and objectives; or
•
meeting the expectations of stakeholders.
“Major risks” are those risks that have a high likelihood of occurring and would, if they
occurred, have a severe impact on operational performance, achievement of aims and
objectives, or could damage the reputation of the Trust.
2
Scope
This policy applies to the risk management strategy for the Trust as a whole. Note that in
this context ‘Risk’ refers to business risk. Health and Safety risk assessments are
separate and are covered under the Health and Safety Policy [1].
3
Key Principles
The Trust believes that an effective risk management strategy is a matter of good
organisational practice, lying at the heart of good management and good governance.
4
Rationale
The Trust has a responsibility under charity law to state in its annual accounts that the
major risks, to which the charity is exposed, as identified by the Directors, have been
reviewed and systems have been established to mitigate those risks.
Properly controlled risk taking is necessary to the success of the organisation to build
capacity for the future and deliver against the strategic goals set out in the Trust
Management System Manual [2].
5
Policy
1.
2.
3.
The Trust’s policy is to adopt best practice in the identification, evaluation and
effective control of risks to ensure they are managed to an acceptable level.
It is acknowledged that some risks will always exist and will never be eliminated.
The specific procedures for the implementation of this policy and the personnel
responsible are detailed in the Risk Management Procedure [3].
The Board of Directors is responsible for making a statement on risk
management in the annual accounts of the Trust. In order to be able to make the
required statement with reasonable confidence the Directors should ensure that:
a.
The identification, assessment and mitigation of risk is linked to the
achievement of the Trust’s vision and strategic goals as set out in the
Management System Manual [2].
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b.
4.
5.
6.
6
The process covers all areas of risk, e.g. governance and management,
operational, financial, reputational and external factors and is focused
primarily on major risks
c.
The process produces a risk exposure profile that reflects the Directors
views as to levels of acceptable risk;
d.
The principal results of risk identification are reviewed, evaluated and
managed; and ensure that the risk management is ongoing and
embedded in management and operation procedure.
The Board of Directors is responsible for overseeing the development and
implementation of the risk management strategy.
The Trust’s Senior Leadership Team (SLT) has responsibility for ensuring that
the risk management policy is implemented and for coordinating risk
management activity across the Trust, as detailed in the Risk Management
Procedure [3]. The SLT will provide an annual report on risk management to the
Board of Directors.
The Head Teacher and the SLT are responsible for ensuring that they take
personal responsibility for championing risk assessment and management
across the Trust and for reinforcing risk-aware attitudes and responses. Their
role is to provide objective assurance to the Board of Directors that:
a.
Risks are correctly evaluated
b.
Key risks are being managed appropriately including the effectiveness of
the controls and other responses to them
c.
The risk management framework is operating effectively
d.
Management is properly reporting the status of key risks and controls.
Review Period
This policy shall be reviewed every year and revised if necessary. The document will be
approved by the Board of Directors.
7
Definitions / Abbreviations
Term
Meaning
EFA
Education Funding Agency
HAT
Hartlepool Aspire Trust
SLT
Senior Leadership Team
8
Records
The following records are produced as a result of implementation of this Policy:
Description
Form Number
Retention Period Storage Location
Risk Register
9
[1]
HAT/FORM/FIN/01
10 Years
Finance Office
References
Hartlepool Aspire Trust; Health and Safety Policy; HAT/POL/HS/01
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[2]
[3]
Hartlepool Aspire Trust; Management System Manual; HAT/MSM
Hartlepool Aspire Trust; Risk Management Procedure; HAT/PROC/FIN/02
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