3 Corporate Governance Report
Anchor has a central Risk Management and Assurance function, responsible for managing and developing the framework, and regular monitoring and reporting. Over time we remain committed to the continued development of our risk management approach ensuring that consideration and awareness of risk is central to our operational and strategic decision making. The Board annually reviews its risk appetite in relation to strategic risks and this informs our activities and decision making. The Board level risk register currently comprises 27 principal risks under the domains of Customer, Safety, Financial, Legislative, Strategic, People & Culture, Regulatory, and Reputational. We have been focused on ensuring the content of the risk register is aligned with the significant external pressures that have persisted, including effects from the cost-of-living crisis and the challenges in the macroeconomic environment. New and emerging risks are included in the register as they arise organically and through structured conversations held on
a monthly basis with heads of function, and between the executive and Board. A network of operational risk registers is in place to cover all key functions in the business. These are regularly reviewed and monitored, and frequent overall review focuses on identifying areas of operational risk that have dependencies and potential impacts on other functional areas. All entries that are held on the Anchor organisational risk register have in place one or more key risk indicators. These measures are reviewed at least monthly and are used to provide an early warning indicator of a future risk increasing so that Anchor can intervene earlier and thereby make attempts to avoid or moderate the risk before it may have an impact. Anchor utilises a recognisable ‘Four-tier Assurance Framework’ in managing significant risks and uncertainties. This outlines how assurance is provided to management, and the key sources of assurance used:
Tier 1 Management checks and controls:
Policies and procedures Functional risk registers Management validation Colleague appraisal KPIs and reporting Delegation of authority Clear accountability
Tier 2 Compliance and improvement functions, including:
Care Quality and Safeguarding Team Health and Safety Team Investigation Team Central Risk Management and Assurance function
Delivering the internal audit plan Key control reviews of mitigating controls on risk register to assess existence, adequacy, and effectiveness Board level risk register
Tier 3 Business assurance and risk:
Tier 4 External assurance provided by third parties, including:
Independent specialists for specific or technical assignments External audit Care Quality Commission
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