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Integrated Annual Report 2020-21
Statement of internal controls
The Board of Governors has responsibility for maintaining a sound system of internal controls that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which they are responsible. This is in accordance with the responsibilities assigned to the governing body in the Office for Students terms and conditions of funding for higher education institutions dated 6 May 2020 (OfS 2020.22). Since the introduction of the Office for Students, Winchester has complied with the ongoing conditions of registration including giving due regard to relevant guidance about how to comply with consumer protection law when developing and implementing policies, procedures and terms and conditions, and adopting and publishing a Student Protection Plan. We have complied with the terms and conditions of funding made under section 65 of the Further and Higher Education Act 1992, as amended by a statutory instrument setting out the transitional arrangements, the Higher Education and Research Act 2017 (Consequential, Transitional, Transitory and Saving Provisions) Regulations 2018. We comply with the CUC Code of Governance (published in September 2020) and refer to best practice guidance, including guidance from British Universities Finance Directors Group (BUFDG). The system of internal controls is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; therefore, it only provides reasonable and not absolute assurance of effectiveness. The system of internal controls is based on an on-going process designed to identify risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process has been in place for the year ended 31 July 2021 and up to the date of approval of the Financial Statements, and accords with the Office for Students guidance. The Board of Governors has responsibility for reviewing the effectiveness of the system of internal controls. The following processes have been established:
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The Board currently meets at regular intervals of at least five times per year to consider Winchester’s plans and strategic direction.
Board receives periodic reports from the Chair of the • The Risk and Audit Committee concerning internal controls, and it requires regular reports from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects. The Board and Vice-Chancellor receive an annual report from the Chair of the Risk and Audit Committee covering the business of the Committee over that year.
Board has delegated to the Risk and Audit • The Committee some of the responsibility for providing oversight of risk management.
Risk and Audit Committee receives regular • The reports from the internal auditor, which includes their independent opinion on the adequacy and effectiveness of Winchester’s system of internal controls, together with recommendations for improvement.
programme of review is undertaken to identify • Aandregular keep up to date the record of risks facing the organisation.
awareness is facilitated at Winchester and • Risk operational levels as appropriate to the risk. Risk management is embedded in all of our operations.
system of key performance and risk indicators have • Abeen developed. robust risk prioritisation methodology based on risk • Aranking and cost-benefit analysis has been established. An organisation-wide Risk Register, informed by HEFCE’s guidance, ‘Risk Management: a guide to good practice for higher education institutions’, is maintained. The Risk Register identifies those risks which might prevent Winchester from achieving its strategic priorities.
are received from budget holders, department • Reports heads and project managers on internal control activities. The Board’s review of the effectiveness of the system of internal controls is informed by the internal audit service, which operates to standards defined in Office for Students Accounts Direction (OfS 2019.41).
