education finance and academies

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Risk Management in Academies

By Kerry Ace, Policy Advisor, CIPFA

For any organisation, including academies, risk can be defined as the uncertainty that an event or an action will adversely affect their ability to achieve their objectives and to execute successfully their strategies. Risk is not only about adverse events, it is also about ensuring that an institution is in a position to minimise its lost opportunities.

A risk management system for an academy must be concerned with looking at the measures they have in place to identify and manage key risks, and then recommending the actions that need to be taken to control those risks more effectively.

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The academies, colleges and universities panel serves finance professionals across the education sector. The panel meets four times a year, and reports to the Institute's Public Finance and Management Board.

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CIPFA is one of the leading professional accountancy bodies in the UK and the only one that specialises in the public services. We offer financial qualifications and levels of membership that suit both individuals and employers.

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