Schools Financial Risk Register
It has been highlighted by the Kent County Council Audit department that not all schools are aware of and recording the financial risks that could affect them.
In response to this, a financial risk register should be created by all Kent maintained schools for 2019/20 budget setting which is then approved and reviewed annually by the governing body.
Undertaking these activities helps schools identify risks and put the necessary plans in place to reduce or ultimately eliminate the potential adverse effect on the school on a financial or reputational level.
The risk register should link to the school development or improvement plans (which should be costed) and include the following information:
- What the strategic plan objective was
- What the risks were
- Early warning indicators
- Gross risk and risk level
- Mitigating factors
- Source of assurance
- New risk and risk level
- Risk owner and progress update.
Note: Not all risks identified will have a clear link to the school development or improvement plan but should also be added to the risk register.
The risk register is not required to be submitted to the Local Authority but may need to be seen as part of a compliance visit.
Schools Financial Risk Register template
To assist schools in producing a financial risk register, Schools Financial Services have created a template that can be used.
This can be accessed by selecting the link below: