Strategic risks

During 2021-22 the University was subject to the ongoing conditions of OfS registration, and also adheres to the Committee of University Chairs (CUC) Higher Education Code of Governance. As such the governing body must ensure institutional financial health including adopting effective systems of control and risk management which promote value for money, meet mandatory audit requirements, and produce accurate and quality assured institutional data.

In order to ensure that the strategy and its key performance indicators can be achieved, the University’s Council also identifies and closely monitors business risks. Members of our executive team provide regular briefings to the Audit Committee and to the University’s Council, allowing Governors to monitor the assessment, mitigation and responses to these risks.

In 2021-22, the process for risk assessment was maintained following the substantial assurance that internal auditors expressed in their review of the risk management framework in 2017-18. The audit concluded that our processes of informing the assessment of risk at the strategic level through monitoring at a local level provided substantial assurance that associated risks material to the achievement of the University’s objectives are adequately managed and controlled. In 2021-22 our review of these processes has concluded that they continue to operate effectively but both the structure of risk management and the content of our strategic risk register will be reviewed for the new University strategy.

Further details on our risk management procedures and policies are set out in the statement of corporate governance.

Strategic risks are listed below and each can be classified in one or more of the four key risk themes we have identified: financial sustainability; compliance; reputation; and organisational effectiveness. Failure to control costs, grow income and invest in the future

Failure to deliver student success outcomes, including retention and completion targets

Failure to recruit to student number targets

Failure to meet income targets and delivery of strategy for growth in research and enterprise activity

Failure to offer academic programmes that deliver key graduate attributes, employment skills and experience opportunities

Failure to meet academic standards

Failure to comply with sector and statutory regulations

Failure to manage the quality and the scale of partnership activity

Failure to grow research and enterprise activity

Failure to deliver human resources strategy

Failure to deliver fit-for-purpose digital systems and technology

Failure to deliver value for money, high quality services and facilities

Failure to ensure the safety and security of staff and students

Group surplus of £7.6m (2020-21 £3.4m). Total income for the Group is reported at £169.0m (2020-21 £151.5m), an increase of 11.6% on last year.