On November 15, I had the pleasure of attending the NHF Audit and Risk 2023 at the Hilton Metropole in Birmingham. Advanced were pleased to have a stand there, and we were one of the headline sponsors for the event.
The event was very well attended, and it was especially pleasing to have the opportunity to meet so many clients on the Advanced stand – not forgetting our ‘spin the wheel’ game for charity, of course. Chaired by Advanced’s John Bell, the day kicked off with a Breakfast Briefing with Jenna Hughes and Vaughan Reeves from Irwell Valley Homes on how the board gets assurance from the risk management framework.
Vaughan and Jenna began with a discussion on their historical pain points, which lead them on the path to the adoption of our Governance, Risk and Compliance (formerly Decision Time) software. Before they refreshed their approach, Irwell Valley Homes were faced with a myriad of obstacles surrounding risk management, including the lack of a clear risk profile, a risk register held on an Access database, and difficulties in linking sub-risk to strategic risk.
The team needed to be more independent in the risk management framework, with technology that allowed ownership and clear accessibility. They needed to ensure operational controls were in place to mitigate risk and required easy-to-understand reports. Further, the team needed to move away from spreadsheets towards real-time, accessible information.
After reviewing a range of systems, the team decided to implement our GRC software. They mentioned that getting directors to engage in new systems could be difficult, and that GRC was particularly appealing for its accessibility and ease of use.
As part of their refresh, Irwell Valley identified 10 strategic risks that were linked to the corporate plan. The leadership team then created sub-risks which contained further operational controls and actions. It was important to Irwell that the corporate plan and risk register were linked, and that this interconnection needed to be demonstrated upon review.
After carrying out their plan with the adoption of GRC, the team have found greater clarity and focus. They now maintain a library of risks, with clear linkage to sub-risks and controls and mitigations. They have clear agreement on strategic risk appetite, with risk embedded into the organisation.
The team have found that through using our software, they now find it easy to pull out relevant information when needed, and that within each report, the user is able to clearly see the risk, operational controls, and any breach of the risk appetite threshold.
For the team, one of the most gratifying aspects of implementing the new software is that meetings can be held without the risk manager having to instigate or chair – this means taking ownership in the business.
What’s more, the risk register is now a live tool, and is updated in governance meetings. The tool is adept at guiding the user on how to think about and document their risks and controls. Further, the team can now challenge and scrutinise appropriately, and accept proposals to increase or decrease risk based on emergent information.
In summary, it was extremely satisfying to learn of Irwell Valley’s journey. Our software has clearly had a big impact on helping the team streamline, modernise and adapt. We are pleased that GRC is easy to use for all involved and that the team at Irwell Valley has found greater focus.
See you at next year’s conference!
Join John Bell and David Corry from Advanced as they recap highlights from the National Housing Federation’s recent Audit and Risk conference breakfast brief with Irwell Valley Homes:
The Governance platform behind Irwell Valley Homes transformation of Risk Management (on24.com)