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Risk management
Risk management is fundamental to good management practice and a significant aspect of corporate and clinical governance at Trinity. The overall management of risk is the responsibility of the Chief Executive. Our risk management framework is a formal acknowledgement of our commitment to manage risk in a proportionate, meaningful and responsible manner.
Key risks to our delivery of our strategic objectives relate to our ability to attract and retain key staff; the ongoing impact of Covid-19 on our income streams; the annual real-term reduction in the value of our NHS contracts and the volatility of key income streams such as legacies and major gifts.
Mitigations to these risks are outlined in the operational plans linked to our People Plan and separate strategies.
Strategic objective Deliver outstanding specialist palliative care
Maintain financial sustainability Risk to delivery What are we doing about it
Ability to attract and retain key staff
Failure to comply with regulatory compliance The pandemic has taken a toll on our staff, impacting on morale and resilience.
In addition, a significant labour shortage in the entire UK healthcare system is causing high vacancy rates in certain areas and high turnover rates.
Trinity has developed a People Plan outlining how we intend to attract, recruit and retain diverse and talented staff to genuinely become an employer of choice.
Introduced Head of Improvement and Director of Nursing roles
Adopted Board Assurance Framework as a means of managing risk.
Improved our internal governance structures.
Reduction in any or all income streams as a result of Covid-19 NHS income reducing year on year in real terms Income volatility in unpredictable income streams such as legacies and major gifts Trinity mitigates the risk of income reduction through diverse income streams, holding sufficient reserves, cash neutral budgeting and robust financial management and governance.
Our reserves policy is to hold at least 3 months operational expenditure in cash and investments plus cash to cover 6-8 months of operational expenditure.
