Why board assurance matters in education

Assurance provides evidence-based confidence that risk will be managed. If risk is not effectively managed, opportunities may not be sufficiently pursued, or harm and loss may be experienced – at the least leading to suboptimal outcomes and at the worst, potential failure of the institution.

Harnessing the power of assurance mapping

Our BAF Toolkit emphasises the importance of a BAF as a strategic tool that enables boards to oversee and manage its risks and controls effectively. The BAF integrates into existing governance structures, ensuring that boards have visibility over risks, controls and improvement actions at a strategic and operational level.

Building a resilient framework: 10 key steps

Our Toolkit outlines a 10-step process to develop robust board assurance arrangements, from defining strategic objectives to continuous improvement:

1. Define strategic objectives and scope: start by clearly outlining your institution’s goals and determining the scope of your BAF.
2. Identify and assess risks: conduct comprehensive risk assessments covering financial, operational and compliance risks.
3. Map existing controls: document current controls, assess their effectiveness, and determine whether they adequately mitigate identified risks.
4. Identify assurance providers: leverage internal and external sources, such as audits and regulatory reviews, to validate controls.
5. Develop an assurance map: use the three lines of assurance model – operational management, oversight functions and independent audits - to visualise where assurance is strong or needs enhancement.
6. Design the framework: tailor the structure to your institution’s unique needs, defining roles and responsibilities for all stakeholders.
7. Implement the framework: ensure broad communication and training to embed the BAF into everyday operations.
8. Establish monitoring and reporting mechanisms: create robust systems for tracking, analysing and reporting risk and control effectiveness.
9. Review and improve: periodically reassess the BAF to address evolving risks and enhance processes.
10. Engage external stakeholders: maintain transparency with regulators, students, parents, and staff, fostering trust through clear communication.

How we can help with risk management

We bring unparalleled expertise in risk management and can support your journey by:

• Emerging and strategic risk review and refresh: re-evaluate your institutions risk landscape to ensure relevance and resilience.
• Development of a BAF: design a customised BAF that integrates seamlessly into your governance processes.
• Risk management training: upskill your teams with targeted training to enhance their risk management capabilities.
• Risk appetite development: define and communicate your institution’s risk tolerance, aligning decision-making with strategic goals.
• Licensing our digital Governance, Risk, Compliance (GRC) solution, the Insight4GRC suite: providing a complete picture of your risks, controls, assurances, improvement actions, policy communication and acceptance, and stakeholder surveying. Our innovative software enhances GRC efficiency, effectiveness and oversight across your education institution.

Our BAF Toolkit is a valuable resource for any educational institution aiming to strengthen its governance and risk management framework. However, this guide is just the beginning. To truly transform risk oversight, boards must engage with assurance outcomes, challenge assumptions and adapt to an ever-changing landscape.

Download the full Board Assurance Toolkit and take the first step towards a resilient, well-governed future. If you have any further questions, please get in touch with a member of the RSM team below.