Insurance Audit and Risk Management
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Insurance Audit and Risk Management
Insurance
Riseladder School of Business and Technology maintains comprehensive insurance coverage for its buildings, contents, and equipment, as well as for staff and student activities conducted on behalf of the institution. We provide clear guidance on policy coverage and advise when specific activities require insurer referral.
Audit
Risk Management
Business Continuity Management
We manage reporting to the Board of Governance, with audit recommendations formally agreed upon with internal auditors.
We oversee risk reporting to the Board of Governance and support colleagues across the School with tools, guidance, and advice on risk management responsibilities.
We support the development of business continuity and incident response plans, offering assistance whether building from scratch or reviewing existing institutional frameworks.
Insurance Policies
Policies are reviewed annually by the Insurance, Audit, and Risk Team. Each carries specific terms, conditions, and exclusions. We support staff and students in understanding these terms, and where necessary, assist in arranging specialist cover not included under the School’s primary insurance policies.
Professional Indemnity Insurance
Public and Products Liability Insurance
Employers' Liability Insurance
Covers the cost of defending and settling claims involving negligence, breach of duty, intellectual property infringement, breach of confidence, misuse of information, and defamation. This insurance includes complimentary crisis containment. Please refer to the policy wording for full details.
Covers the cost of defending and settling claims arising from bodily injury, property damage, trespass, nuisance, false arrest, or the eviction of a third party.
Covers the cost of defending and settling claims arising from the death or bodily injury of an employee or volunteer, along with expenses incurred with prior written agreement to defend against government or regulatory body legal proceedings.
Management Liability and Corporate Liability
Office contents cover (Trade Contents, Machinery and Plant)
Business Interruption Cover - Revenue Basis
Covers management and corporate liability, including Directors or Officers Liability and Corporate Legal Liability.
Covers the cost of replacing or repairing office computers, software, and contents, boarding-up following glass breakage, loss or damage to money belonging to the business, and restoring lost or destroyed documents and electronic data.
Provides cover for additional expenses and income reduction following a physical loss, such as flood or fire damage. Claims must be presented to insurers in a form they can analyse and understand.
Internal Audits
Internal audits deliver objective evaluation to senior management, governing bodies, and stakeholders. Annual plans may include thematic reviews commissioned by the Board of Governance. Audits examine institutional risk, validate financial reporting integrity, and assess the School’s performance in achieving value-for-money outcomes.
Pre Auditing Planning
Audit Fieldwork
Designated staff support auditors by contributing insights through interviews and procedural walkthroughs.
Agreeing the Audit Report
Auditors present a preliminary report outlining proposed actions. Management issues a formal response, endorsing recommendations and confirming associated implementation timelines.
Implementation
Responsible parties execute measures within agreed timelines.
Risk management as part of the System of Internal Control
The School upholds a robust internal control framework aligned with regulatory standards and sector best practices. The Board of Governance has endorsed the Risk Management Policy, detailing the institution’s risk strategy, defined responsibilities, reporting protocols, and mechanisms for evaluating the effectiveness of internal controls.