The Risk Assurance team carry out audits within the University to review processes and functions, financial and otherwise. These cover the full range of the University environment. Some are standard financial audits whilst others are in line with the University strategy.

We carry out a programme of work as agreed by the Audit, Risk & Compliance Committee and this provides a continuing evaluation of the effectiveness of internal controls and the assessment of whether value for money has been achieved.

We also review the risk management arrangements of the University and governance processes and ensure that risks are assessed and that adequate controls are in place to mitigate the risks.

Our work includes:

• Internal audits – value for money, efficiency, strategic management reviews.
• Special investigations.
• Attendance at committees to inform and engage with staff and encourage good practice.
• Regular meetings with University stakeholders.
• Follow-up on audit actions to ensure that they are implemented.
• Regular fraud testing.

Examples of where Risk Assurance have added value to the University’s mechanism:

• Improving communications between faculties where functions involve multiple parties.
• Highlighting issues that need senior management attention.
• Recognising recurring themes in order to make recommendations to management for change.

The audit plan for Risk Assurance for 2024-25 is as follows:

• Cash Flow Monitoring/Treasury Policy
• Payroll and processes to pay salaries including Establishment management
• Pensions
• Debt Collection (Research)
• Endowments, Donations and Trusts
• Budget management for budget holders and use of financial systems
• NHS Contracts and recharges (including Nursing & Midwifery)
• Counter-Fraud (focus on Income Services)
• KEF arrangements
• Security
• Trust Arrangements for Embedded Space
• Advertising, Recruitment and Retention
• Student Record Systems
• Feedback on Assessments
• Global Mobility
• Academic Quality Assurance
• Technology Enhanced Learning
• Access Permissions, Identity Management and Account Management
• Faculty of Life Sciences & Medicine
• Nursing & Midwifery
• Student Data Returns
• Responding to changes to the Policy environment, and horizon scanning

Compliance audits

• UKVI - Staff Visa Management
• Data Protection
• Home Office licensing requirements: Human Tissue Authority and MHRA Regulations
• Education Act 1994 Student Union compliance with legislation
• OfS Conditions of Registration - with focus on B1 and students being "educationally challenged"
• Spin-off companies and "shadow" directors including Foreign interference (National Security Bill) compliance
• Competitions and Markets Authority (CMA) Consumer Protection
• Martyn's Law (Terrorism Protection of Buildings) Bill - Business Continuity Planning in relation to emergency evacuation and invac procedures
• ESG - Environmental Sustainable Governance for KCL investments, with particular focus on reporting and transparency
• Freedom of Expression

Please contact us if you have any queries about the above or if you can contribute to any of the reviews planned for this year.

If you feel that an area should be audited or a special investigation carried out, please email Victoria Metham, Director of Risk Assurance.