Risk Management Matrix

Identifying and managing the potential risks that an Academy may face over time is a key aspect of effective governance and so is essential for Academies of all sizes and complexity.

By managing risk effectively, trustees can help ensure that:

• Significant risks are known and monitored, enabling them to make informed decisions and take timely action
• The Academy makes the most of opportunities and develops them with the confidence that any risks will be mitigated and managed
• Forward and strategic planning are improved
• The Academy’s aims are achieved more successfully

The steps taken by an Academy to manage risk, which are required to be reported in the Trustee’s Annual Report each year, will also help to demonstrate the Academy’s accountability to its key stakeholders, including the Department for Education, Education and Skills Funding Agency, other funders, parents, employees and the general public.

Once the risks that an Academy may face have been identified, a decision will need to be made about how these can be effectively managed. James Cowper Kreston are able to work with, and assist, trustees and management with this process by using a Risk Management Matrix to identify, document and monitor risks and the mitigating controls.

To assist with this, we are able to provide a pro-forma Risk Management Matrix for trustees to use, an extract of which can be downloaded.