We are delighted to announce that following the recent completion of the In-Depth Assessment (IDA) that was carried out by The Regulator of Social Housing, we have been formally given our Regulatory Judgement and awarded a rating of G2 and V1 (compliant).
In May, the Regulator interviewed some of our Board members and Executive Management Team, attended and observed a virtual Board meeting and reviewed a number of key documents. This was to verify we have the right processes in place for our Board, ensuring it makes strategic decisions based on robust information and takes accountability for the way we operate.
To achieve this rating is a positive achievement for our business. In a judgement published in January 2020, the Regulator concluded that improvements were required to Red Kite’s control framework to ensure that key financial controls were robust, operating in line with established policies and procedures following a significant financial loss as a result of the fraud outcome in 2019.
A huge amount of work has been undertaken to further improve the Governance structure, incorporating the ‘three lines of defence’ approach for all policies and procedures. As a result, the Regulator complimented the improved internal controls, and stated that they have assurance that Red Kite continues to comply with the governance elements of the Governance and Financial Viability Standard.
During the IDA a number of areas were identified for improvement to make progress back to G1 status. We have already taken significant steps to address the issues and are agreeing a plan with the Regulator to facilitate any remaining actions and a further review of our G2 grade.
Trevor Morrow, our Chief Executive said:
“A huge thank you to everyone at Red Kite; staff, volunteers, Board members and contractors, who have all contributed to our business and this positive judgement.”