Social Housing Software for Risk Management
The sector benefits from annual advice from Homes England regarding the profile of the risks that have been faced in the previous year. In 2019, the aftermath and learning from the Grenfell Tower fire has influenced its report and we can anticipate that COVID 19 will dominate that for 2020 where the impact on Registered Social Landlords (RSL’s) services and finance will have generated a new and complex risk environment in which communities will feature heavily.
The recent Sector Risk Profile report published in March 2020 explores risks in four main areas being:
- Strategic risks
- Operational risks – existing stock
- Operational risks – development
- Finance and treasury management risks
Not surprisingly as the report is based upon provider forecast data, is mention made of global pandemic, yet the risk experience of RSL’s in 2020 will encompass aspects in each of the four areas above and significantly reflect whether business plans remain achievable.
Clearly it is no longer good enough for RSL’s to skim the surface, Boards must be prepared to deep dive areas to ensure that a full understanding of the risks that the organisation faces are exposed, analysed and where appropriate mitigated to a residual level which is within the stated risk appetite of the Board. Directors, Trustees and Executives have to become accustomed to asking the question “what if?” Ensuring of course that they give consideration to even the remotest of scenarios or the impact of several risks combining to create the “Perfect Storm.”
RiskMate is an automated risk management system that will help Boards and Executive Teams to manage this discussion. Based on three lines of defence theory and constructed through assessing risks that may prevent achievement of corporate objectives, it requires the identification of controls to mitigate risks across all activity within the organisation, whether these relate to:
- Consumer issues and health and safety,
- Data integrity and security,
- The condition of existing stock and its quality,
- Counter parties, including funders, insurers and pension providers,
- Rents and Supported Housing,
- Development programmes and market sales
- Debt and Equity management, and
- Pension costs.
The risk environment in each organisation will have unique characteristics which will require local consideration, evaluation and effective mitigation, including the development of robust business continuity plans where business-critical exposures are identified.
RiskMate supports and ensures that the board fulfils its regulatory responsibilities to regularly review the RSL’s significant risks as well as the controls to mitigate and manage these risks appropriately. As such, it should ensure that a focus is provided on what matters most.
Operating in real-time on cloud-based software, RiskMate will help ensure that you maintain control as well as looking ahead to ensure that you are as prepared as possible for what your RSL may face.