The Board of Directors considers the accuracy and appropriateness of the risk register as part of its audit deliberations each year and will report on this as part of the annual report. During the year they delegate responsibility to the Finance Committee to review new and archived items at each committee meeting. In addition, the Executive Headteacher (the Accounting Officer) reviews it monthly.
The auditors will be asked to review the risk register as part of their annual examination of the Trust’s finances and their conclusions will be reported to the Board of Trustees. The annual accounts will include an assessment, agreed by the Board of Directors/Trustees, of the principle risks faced by the Trust.
No organisation can run entirely without risk and the key purpose of the Risk Register is to ensure that risks are identified and well managed.
All activities of the Trust are considered and areas of potential risk are identified, the possible consequences of a negative event on the well being of the Trust is considered along with measures in place or that can be put in place to mitigate the risk or reduce the negative consequences. Usually mitigation measures are designed to reduce the likelihood of the risk occurring, however, some are designed to reduce the impact of the risk, eg, insurance cover. Once mitigation has been considered then the Trust will consider the residual risk and look at further measures that may be required.