41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 82
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
PRINCIPAL RISKS AND UNCERTAINTIES continued
OUR RISK MANAGEMENT FRAMEWORK
The Board has the overall responsibility for the governance of risks and ensures there
are adequate and effective systems in place. It does this in various ways:
The Board
Risks and opportunities assessed as part of strategy setting,
annual budget and risk oversight
Owned by the Board and its Committees.
Twice-yearly formal risk review and ongoing monitoring
of risk integral to Board meetings.
Risk management
Policies and controls
Risk management and assurance
framework overseen by the Audit and
Risk Committee. Detailed risk trackers
are developed and regularly updated
by the Customer and Property
Leadership Teams.
Policies and controls underpin our
risk management framework
(such as Capital Operating
Guidelines; Treasury Policy;
Investment Committee and the
internal controls framework).
The Executive Committee reviews
and challenges these risk trackers
and related risk and opportunity; it
considers emerging risks that the
Group is facing or should consider and
then brings these to the Board for its
detailed assessment of these risks.
Risk assurance is provided through
external and internal auditors as well
as specialist third party risk assurance
where appropriate.
People and culture
Embedded risk management culture
Openness, transparency and clear ownership of risk management
(supported by risk registers) cascades through the organisation.
OUR KEY RISK INDICATORS
Our service
platform
Our
properties
University
partnerships
Safety
Gross asset value
Safety
Customer satisfaction
Asset age
Higher Education trust
Employee
engagement
Occupancy
Customer satisfaction
Rental growth
% nominations
Robust assessment of principal risks
The Directors confirm that they have conducted a robust assessment of the principal
and emerging risks facing the Group, including those that would threaten the Group’s
business model, future performance, solvency or liquidity. The process for how the Board
determined these risks is explained above and these risks are set out on pages 82–87.
