Governance and Regulation
Our chosen code of Governance is the National Housing Federation Code Excellence in Governance.
The Homes and Communities Agency (HCA) as the regulator for social housing, maintains an assessment of compliance with the economic standards for all private registered providers with more than 1,000 homes.
They prepare regulatory judgements against the standards and issue ratings on a scale of 1 – 4 with 4 being non-compliance and cause for possible regulatory intervention or enforcement action. We have received a rating of G1 for Governance which is defined as "meeting the governance requirements” and V2 for Viability which confirms that we are compliant with viability requirements. It also means that we have the financial capacity to deal with a reasonable range of adverse scenarios but we need to manage material risks to ensure continued compliance. The regulator was however assured that our latest business plan “incorporates cost reductions which are required to maintain financial performance, and these assumptions further impact on overall capacity to withstand downside risks”.
We have a robust framework in place to identify and mitigate any potential risks. Although we have incorporated risk reviews as a requirement for all project plans or service developments, we have ensured that the process is simplified and results in a useful tool for the teams involved.
As part of our commitment to continuous improvement, we set challenging targets and assess our performance against previous results and by benchmarking with other Registered Providers (RP) of social housing of a similar size and composition. We also benchmark our performance against other organisations in different sectors and "best in class"