LSBU's Board of Governors is seeking a new member who will also Chair its Group Audit & Risk Committee and therefore is looking for those with proven & significant experience of audit, risk management and finance. Experience or knowledge of the higher education sector is desirable but not essential.
Given the non-executive nature of the role, a proven experience of working effectively with executive/leadership teams is also essential.
General Governor Responsibilities:
- for the determination of the educational character and mission of the University and for oversight of its activities including the exercise of degree awarding powers;
- for the effective and efficient use of resources, the solvency of the University and for safeguarding and its assets; for approving annual estimates of income and expenditure;
- for the appointment of a Chancellor who shall hold office for such term and have such duties and responsibilities as the Board of Governors from time to time shall determine.
Specific Responsibilities (not an exhaustive list):
- The Group Audit and Risk Committee (GARC) is tasked with advising the LSBU Board on the appointment of the external and internal auditors, the audit fee, the provision of any non-audit services by the external auditors, and any questions of resignation or dismissal of the external auditors;
- GARC will consent, on behalf of LSBU, to the appointment of the external auditors on behalf of the South Bank Academies and South Bank Colleges; Discuss the nature and scope of the audit of the LSBU Group consolidated accounts, and audit findings as reported to GARC by the external auditors;
- Review the outsourced internal auditors' annual audit risk assessment, strategy and programme for LSBU and review internal audit reports issued during the year;
- Review the effectiveness of the Group risk management, control and governance arrangements;
- Monitor compliance with relevant regulatory and legal requirements, reporting to the Board of Governors as necessary;
- Review LSBU's assurance to the OfS regarding its academic quality;
- The primary responsibilities of the Chairman of GARC are to: Establish procedures to govern GARC's work and ensure GARC fully discharges its duties;
- Ensure that there is an effective relationship between management and the members of GARC;
- Report to the Board on the matters reviewed by, and on any decisions or recommendations of, GARC at the next meeting of the Board. Ensure, in consultation with the CEO and the CFO, that all items requiring GARC's approval are appropriately tabled; Carry out any special assignments or any functions as requested by the Board
At present GARC meets 4 or 5 times a year. All meetings are attended by both external and outsourced internal audit firms. Each of LSBU's meetings last two hours and usually begin in the late afternoon. The time commitment for this role (including preparation time) would be approximately 18-20 days per year.