Crises can strike without prior warning and be highly detrimental to any established business, especially in the current uncertain economic climate. This holds true for the UK's education sector, where schools and academy trusts are struggling to deal with multiple issues, from budget cuts to curriculum changes.
The ideal way to mitigate any form of external and internal threat is to be fully aware of and prepared for the risks and vulnerabilities your school or trust is facing or may face in the future. The last thing you want is an unknown threat adversely affecting the operations and functioning of your school and trust.
A process for risk assessment for schools in the UK can help you pinpoint and work on any inefficiencies and potential risks your school or academy trust may be facing. It works similarly to a vulnerability and risk assessment for an organisation. With Keystone Knowledge as your partner, gain numerous benefits from our tailor-made risk assessment process in addition to finding areas of improvement.
In this blog, we explore how a proper risk assessment programme can recognise risks and weaknesses in your trust or school.
The Importance of Risk Management and Internal Scrutiny in Academy Trusts and Schools
It can be challenging for your staff to keep up with the complex regulations and compliance requirements in the UK's education sector whilst juggling daily operational responsibilities. It's also difficult to balance financial operations, from managing budgets to maintaining transparency, with non-financial operations, such as administrative tasks and stakeholder communication.
Amidst it all, being unaware of issues cropping up and the potential vulnerabilities they may give rise to is not desirable. Sometimes, you may be aware of issues but unsure of the best way to resolve them. This is where risk assessment for schools in the UK comes into the picture.
ESFA and Internal Scrutiny
In its guidelines for schools and MATs in the UK, the Education and Skills Funding Agency (ESFA) defines internal scrutiny as the 'third line of defence against risks'. Considering this important point, your school or MAT audit and risk committee need to direct a risk assessment programme concerning your risk register. After risks are identified, a rolling programme can ensure core and critical control of all vulnerabilities with regular review.
How Keystone Knowledge's Risk Assessment for Schools in the UK Can Help
The risk assessment programme at Keystone Knowledge follows a comprehensive 7-step approach:
1. Appoint – Choose an internal scrutiny partner
2. Assess risk – Link your annual scrutiny to your risk register
3. Audit plan – Plan your scrutiny/ assessment visits
4. Audit – Work with your partner during the school/ MAT audit
5. Analyse – Review the audit findings
6. Action – Complete the actions from the school or MAT audit
7. Assess impact – Assess the impacts of the actions
The following potential vulnerabilities often emerge from our programme for risk assessment for schools in the UK:
Irregular Evaluation and Compliance of Policies and Procedures
We assist in evaluating and reviewing your school's or MAT's policies and procedures to check whether they align with the current educational laws and regulations. A regular evaluation can pinpoint outdated protocols and meet gaps in policies that would've otherwise been overlooked.
Lapses in Management Governance and Accountability
Our internal scrutiny for academy trusts checks whether your school or trust is being effectively governed by the management. Effective school or MAT governance stems from clearly defined staff roles and responsibilities with little to no chance of mismanagement.
Potential Inefficiencies in Financial Operations
We help pinpoint the flaws and lapses in your school's financial management and operations early on. Our experts identify issues with managing the school's budget and suggest where you can distribute funds and resources for optimal outcomes.
With the help of Keystone Knowledge's detailed financial reviews, unmask any financial inefficiencies leading to mismanagement of funds or potential fraud. We also suggest quick remedial measures to prevent any future mishaps.
Disengaged Stakeholders
It's equally important to engage and communicate with all stakeholders of your school and trust. Parents, teachers and students are the core stakeholders in addition to the school's management. Our team helps you prioritise an open and transparent dialogue or install a feedback mechanism to identify issues and problems that might not otherwise be apparent.
Contact Keystone Knowledge for a Tailor-Made Risk Assessment Process
At the end of the day, academy trusts and schools must assure their board that any financial and non-financial operations and potential risks are under control. Keystone Knowledge's personalised programme for risk assessment for schools in the UK can help you deliver this assurance with the added benefit of advice from seasoned education experts. Our recommendations are in line with ESFA internal scrutiny norms.
Our school operation specialists make sure your academy trust's or school's financial and non-financial operations are thoroughly reviewed while adhering to the recommended standards in the UK's education sector. Safeguard your school from vulnerabilities, protect its reputation, and ensure long-term success with our effective risk assessment programme.
Partner with us to receive a rolling 3-year internal scrutiny programme comprising 3 audits and a comprehensive annual report.
Get in touch with us today.