Insurance Audit And Risk Management
27 July 2023 2024-10-26 17:45Insurance Audit And Risk Management
Insurance Audit and Risk Management
Insurance
We have arranged Adult Education and Learning establishments cover for the school’s buildings, contents, and equipment, in addition to insuring activities undertaken by staff and students on behalf of the School. We provide advice on these insurance policies and whether activities are covered as standard or require referral to insurers.
Audit
We manage reporting to the Board of Governance, with Audit Recommendations agreed upon with the internal auditors.
Risk Management
We oversee the reporting of Corporate, School, and Professional Services risks to the Board of Governance. Additionally, we provide advice, tools, and guidance for colleagues responsible for managing or reporting risk across the School.
Business Continuity Management
We oversee the development of business continuity and incident management plans across the School. Whether starting from scratch or reviewing an existing plan, we provide assistance.
Insurance Policies
Policies are arranged annually by the Insurance, Audit, and Risk Team. These policies have contractual terms, conditions, and exclusions. We assist our staff and students with any terms laid down by the insurers. In some cases, it may be necessary to arrange a specialist insurance policy where there is no cover under the main insurances.
Professional Indemnity Insurance
Covers the cost of defending and settling claims related to negligence, breach of duty of care, infringement of intellectual property rights, breach of confidence, misuse of information, and defamation. This cover includes free crisis containment. Refer to the policy wording for details.
Public and Products Liability Insurance
Covers the cost of defending and settling claims made due to bodily injury, property damage, trespass, nuisance, false arrest, and eviction of a third party.
Employers' Liability Insurance
Covers the cost of defending and settling claims arising from the death or bodily injury of an employee or volunteer, along with expenses incurred with prior written agreement to defend against government or regulatory body legal proceedings.
Management Liability and Corporate Liability
Covers management and corporate liability, including Directors or Officers Liability and Corporate Legal Liability.
Office contents cover (Trade Contents, Machinery and Plant)
Covers the cost of replacing or repairing office computers, software, and contents, boarding-up following glass breakage, loss or damage to money belonging to the business, and restoring lost or destroyed documents and electronic data.
Business Interruption Cover - Revenue Basis
Provides cover for additional expenses and income reduction following a physical loss, such as flood or fire damage. Claims must be presented to insurers in a form they can analyse and understand.
Internal Audits
Internal audits provide independent assurance to the School’s management, governing authorities, and stakeholders. Reviews are planned annually and may include ad hoc topical reviews requested by the Board of Governance. Audit assesses risks, ensures accurate accounting information, and evaluates the School’s objectives for value for money.
Pre Audit Planning
A nominated contact agrees upon the review scope within the audit plan framework. Relevant staff assist with the audit.
Audit Fieldwork
Relevant staff assist auditors by providing input through interviews or process walkthroughs.
Agreeing the Audit Report
Auditors submit a draft report, including an action plan. Management provides a response, agreeing to actions and committing to timeframes.
Implementation
Action owners implement actions within stated timeframes.
Risk management as part of the System of Internal Control
The School is committed to maintaining a strong internal control system supporting risk management, in accordance with regulatory requirements and best practices. The Board of Governance has approved the Risk Management Policy, which outlines the School’s risk management approach, roles and responsibilities, reporting procedures, and evaluation processes for internal control efficiency.
