The further education sector continues to evolve, with new risks emerging. The number of colleges in the sector has reduced following the area review process and further combinations are still being pursued. The implementation of the new apprenticeship regime continues to be a challenge for many, pensions costs are rising year on year, Brexit uncertainty remains and 2018 is expected to see the introduction of the insolvency regime.
It is, therefore, a timely opportunity for us to update our review of college risk registers, analysing the key risks further education colleges have identified and what is most concerning management and governors.
Our report, which is based on a review of the ‘top three risks’ (based on the colleges’ risk assessment scores) identified over 100 colleges, is intended to provide an insight into the identified key risks that colleges face and to enable colleges to compare them to their own risk profile when considering risk management.
Our analysis divides these risks into 10 broad categories:
- Commercial / operations;
- Recruitment and human resources;
- Government policy;
- Collaboration and mergers;
- Area reviews;
- Competition; and
We then considered and reviewed these risk assessments in more detail, putting in context for the sector at large and the ever changing landscape.
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