DTP offers a retained risk management service tailored to the specific needs of Registered Providers (RPs). Our flexible and scalable offer ensures RPs receive the right approach for effective risk oversight.
Why might you need DTP’s risk management service?
• Regulatory compliance: Supports adherence to the evolving regulatory landscape, minimising potential penalties and reputational damage.
• Effective governance: Strengthens the governance framework by providing a structured approach to identifying and managing risks.
• Informed decision-making: Facilitates better strategic choices by offering insights into potential risks and their impact on organisational objectives.
• Crisis preparedness: Enhances the organisation’s ability to respond to unforeseen challenges, reducing the likelihood of significant disruptions.
• Expert Advice: Access to responsive expert advice and support when it is needed.
What does DTP’s risk management service involve?
1. Risk management framework review
We customise the depth and focus of our review to meet the RP’s needs, which may include:
– Desktop review: Evaluating documents like risk management frameworks, policies and procedures to ensure alignment with best practice.
– Strategic review: Assessing the effectiveness of the risk management framework in relation to business planning and internal controls.
– Operational review: Engaging with risk owners to test controls and assess the embedding of risk management within the organisation.
The outcome is an assurance report for the Board or Audit/Risk Committee, detailing our expert opinion on the framework’s strength and recommended actions for improvement.
2. Assurance mapping
For organisations lacking assurance mapping, we provide:
– Briefing sessions: Educating the Board and Executive on assurance mapping benefits.
– Assurance map creation: Working with the Executive and/or leadership team to identify risks, assess whether controls are in place and, if required, test the effectiveness of controls. Outputs include a comprehensive assurance map and summary findings report.
For those with an existing map, we conduct regular reviews and discussions to ensure understanding and to identify any gaps in controls and assurance.
3. Risk appetite review
DTP collaborates with the Board to clarify and document risk appetite by:
– Explaining risk appetite statements: Highlighting their value and purpose.
– Facilitating workshops: To assess and agree on risks and appetite levels.
We produce risk appetite statements tailored to the organisation and offer ongoing support for revisions and Board reporting.
4. Annual analysis of the Regulator of Social Housing’s Sector Risk Profile
Following the publication of the Sector Risk Profile (typically in October), DTP provides a summary analysis that highlights key considerations for the Board and Audit/Risk Committee.
5. Ad hoc support
We offer ongoing support through formal or informal responses to queries, acting as a ‘critical friend’ to provide guidance whenever needed.
What outcomes can a RP expect to see?
• Comprehensive assurance reports: Clear insights and recommendations for enhancing risk management practices.
• Enhanced understanding of risks: Improved awareness among staff and Board members regarding the organisation’s risk landscape.
• Integrated risk management practices: Seamless alignment of risk management with business planning and operational processes.
• Strategic improvements: Identified areas for growth and optimisation based on our assessments and reports.
What are the benefits of DTP’s support?
• Tailored oversight: Ensures risk management frameworks align with the organisation’s needs and sector best practices.
• Enhanced understanding: Fosters clarity around risks and controls, facilitating informed decision-making at all levels.
• Proactive risk management: Identifies gaps and strengthens risk management practices, enhancing organisational resilience.
• Stakeholder assurance: Provides credible reports that reinforce confidence among stakeholders regarding the RP’s risk management capabilities.
• Ongoing support: Offers flexibility to address emerging challenges, ensuring the organisation remains agile in a changing environment.
For more information on how DTP can support your organisation with risk management services, please get in touch with Andy Roskell, Managing Director, or Mags Pearson, Senior Consultant.