This month, for North Star’s board update, Jason Ridley has provided an explanation of North Star’s Risk and Audit Committee. Jason is currently Director of Finance and IT with Leeds Federated Housing Association alongside his role as a North Star board member and chair of the Risk and Audit Committee.
A Risk and Audit Committee (RAC) is like a team of people who watch over a company’s money and how it’s handled. Their main job is to make sure the company is being honest and careful with its finances.
The North Star RAC is made up of Board members who are experienced in finance, risk management and governance. The Committee follows a set of rules called Terms of Reference which set out specific responsibilities, delegated powers from the board, number of members and how often they meet.
The main responsibilities of RAC are as follows:
- Checking the Numbers:
They look at the company’s financial statements to make sure they’re accurate and follow the rules. - Keeping Things Secure:
They make sure there are good systems in place to protect the company’s money and assets. - Avoiding Problems:
They identify potential risks the company might face and help plan to avoid those problems. - Following the Rules:
They make sure the company is following all the laws, codes and rules related to its business.
In simple terms, they’re like financial watchdogs that help the company stay honest, safe, and successful.
North Star’s board met on Monday 18th September. On their agenda for discussion was:
- Updates on projects from around the organisation including the energy efficiency pilot that you can read more on here: Trial to develop greener housing model produces ‘exciting’ results | North Star Housing Group Ltd (northstarhg.co.uk)
- Approval of the organisation’s annual financial statements which will be published in the coming weeks.
- How the organisation is dealing with the rising costs of delivering its services.
If you would like to know more about the board of North Star, please visit the governance section of website here: The Board | North Star Housing Group Ltd (northstarhg.co.uk)
